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  • Moody’s cautions on Pakistan’s fiscal challenges despite recent stability

    Moody’s cautions on Pakistan’s fiscal challenges despite recent stability

    Moody’s Investors Service, a global credit rating agency, stated on Tuesday that Pakistan’s credit rating could see an upgrade if the government successfully reduces liquidity and external vulnerability risks.

    Despite this potential, Moody’s maintained Pakistan’s credit rating at ‘Caa3’ for long-term issuer rating with a stable outlook in its periodic review.

    The credit profile of Pakistan reflects significant liquidity and external vulnerability risks, attributed to low foreign exchange reserves insufficient to meet high external financing needs in the near to medium term, according to Moody’s.

    The agency also highlighted the country’s very weak fiscal strength and elevated political risks as constraints on its credit profile.

    Moody’s expressed uncertainty regarding the new government’s ability to swiftly negotiate a new International Monetary Fund (IMF) programme after the ongoing programme concludes in April.

    While acknowledging Pakistan’s large economy and moderate growth potential, the agency emphasized the nation’s high liquidity and external vulnerability risks, despite economic stability maintained by the caretaker government and recent reforms.

    The agency recognised the government’s efforts to unlock financing from the IMF and other partners, resulting in a modest accumulation of foreign exchange reserves.

    However, it cautioned that, despite meeting external debt obligations for the fiscal year ending June 2024, there is limited visibility on sources of financing to address high external financing needs post-the current IMF stand-by arrangement.

    Moody’s rationale for the stable outlook at the Caa3 rating level is based on the assessment that pressures on Pakistan align with this rating, with broadly balanced risks.

    The agency suggested that continued IMF engagement beyond the current programme could attract additional financing from other partners, reducing default risk.

    Nonetheless, it emphasised the substantial external financing required and low reserve position, indicating potential default risks with funding delays.

    Moody’s indicated that an upgrade in Pakistan’s rating could occur with a substantial and sustained reduction in liquidity and external vulnerability risks, coupled with increased foreign exchange reserves and fiscal consolidation.

    Conversely, a downgrade might be likely if Pakistan defaults on debt obligations with significant losses to creditors.

    The agency expressed uncertainty regarding the new government’s ability to negotiate a new IMF programme swiftly after the ongoing one expires in April, citing high political risks following the controversial general elections held on February 8, 2024.

    Moody’s warned that without a new programme, Pakistan’s ability to secure loans from other partners would be severely constrained.

  • Turkish actor Burak Ozcivit and Adnan Siddiqui re-enact famous Maula Jatt scene

    Turkish actor Burak Ozcivit and Adnan Siddiqui re-enact famous Maula Jatt scene

    Pakistan and Turkey are fast friends in the diplomatic world and entertainment world too. The two countries are collaborating on a TV series, led by Pakistani actors Humayun Saeed and Adnan Siddiqui. Turkish actors have visited Pakistan recently and were warmly welcomed. One of them, Burak Ozcivit, even had a fun chat with Adnan Siddiqui and performed a famous dialogue from the blockbuster Pakistani movie ‘The Legend of Maula Jatt’.

    See how the two big stars interact with each other:

  • From dress to shoes, all the info about Maryam Nawaz’s oath-taking look

    From dress to shoes, all the info about Maryam Nawaz’s oath-taking look

    Vice-president of the Pakistan Muslim League-Nawaz (PML-N), Maryam Nawaz, famous for her fashion sense, is making waves with the customised emerald green dress she wore on her oath-taking ceremony on Monday when she became the first female Chief Minister of Punjab.

    The Current contacted designer Ayesha Jawad who runs the fashion label Parniyaan. She revealed the exquisite details of the dress, stating that the fabric used for the shawl (dupatta) was chiffon bordered with chantelle and an organza design. The design on the dress was also of the same chantelle net which gave it an oomph of elegance.

    Yes! This is the same dupatta she was cautious of getting ruined when she brushed off Uzma Kardar.

    Ayesha revealed that it was a customized dress and could be available for Rs. 60,000 approximately.

    As for the suave footwear, it was from Manolo Blahnik’s White Satin Jewel Buckle Pumps collection. It is originally available in the price of £945, roughly Rs. 334,795.41.

    When the late Benazir Bhutto became the first female Prime Minister of Pakistan and the Muslim world, she too wore a green suit, a look that became iconic for generations.

  • Namibian batsman scores fastest century in T20

    Namibian batsman scores fastest century in T20

    Namibian cricketer Loftie Eaton has created a new record for the fastest century in Men’s T20 Internationals.

    Loftie Eaton scored the fastest century in a match against Nepal in a tri-nation series, completing the century in just 33 balls, scoring a blistering 101 runs off 36 balls against Nepal, which included 11 fours and 5 sixes.

    Earlier, the record for the fastest century in T20 Internationals was held by Nepal’s Kaushal Malla, who completed a 34-ball century against Mongolia last year.

    Thanks to Eaton’s aggressive innings, Namibia scored 206 runs for 4 wickets in the allotted 20 overs and in reply, the Nepali team lost the match by 20 runs.

  • Gold rate inches up to Rs215,900 per tola with marginal gain

    Gold rate inches up to Rs215,900 per tola with marginal gain

    In a sustained upward trajectory, domestic bullion recorded gains on Tuesday, driven by a surge in 24-karat gold. The precious metal reached Rs215,900 per tola, reflecting an increase of Rs100.

    The latest data from the Karachi Sarafa Association reveals that the cost of 10 grammes of 24-karat gold saw a slight rise, reaching Rs185,100 with an uptick of Rs86. Additionally, 10-gramme 22-karat gold was quoted at Rs169,674.

    Contrastingly, silver prices remained stable, maintaining their previous rates. The 24-karat silver was traded at Rs2,570 per tola, while the cost per 10-gramme stood at Rs2,203.36.

    On the global front, the international spot gold market witnessed a positive trend, with prices hovering near $2,036.26, indicating a 0.26% increase for the day. In parallel, international spot silver held strong around $22.63, marking a 0.58% uptick.

    The financial landscape also saw influence from the latest Federal Reserve minutes, which indicated a collective sentiment among most US officials against rushing into rate cuts.

    This news brings additional insights into the dynamics shaping the global precious metals market.

  • President Alvi made the right decision not to call assembly session: Imran Khan

    President Alvi made the right decision not to call assembly session: Imran Khan

    Imran Khan, the founder chairman of Pakistan Tehreek-e-Insaf (PTI) and former Prime Minister, has endorsed President Arif Alvi’s choice to abstain from calling the session of the National Assembly.

    Imran conveyed these sentiments during an informal exchange with journalists at Adiala Jail on Tuesday.

    First and foremost, he said, he had personally dictated the letter addressed to the International Monetary Fund (IMF).

    He clarified that, following the drafting of the letter, there have been no meetings with other party leaders.

    However, he said that after consultations with the party’s leadership, the letter would be dispatched to the IMF today (Tuesday). In his discussion on the prevailing political climate, Imran Khan reiterated his call for the resignation of the chief election commissioner, citing concerns over impartiality during elections.

    He accused the Election Commission of Pakistan (ECP) of engaging in rigging even after the conclusion of elections, stressing the imperative of fair and transparent electoral processes.

    Commenting on the recent developments, the former prime minister lauded the decision of President Arif Alvi to refrain from convening a meeting of the National Assembly. He reiterated concerns about the allocation of specific seats despite the PTI’s electoral victories, alleging efforts to undermine the party’s success.

    “Every attempt was made during the elections to eliminate the PTI,” he alleged.

    “We are gathering all the parties that have been made to lose through rigging. and will hold country-wide protests against rigging,” Imran announced.

    Amidst ongoing challenges and political tensions, the founder of PTI remains steadfast in advocating for fair governance and democratic principles, vowing to address electoral irregularities and promote accountability across all levels of government.

  • Accountability court indicts Imran Khan, Bushra Bibi in £190m reference

    Accountability court indicts Imran Khan, Bushra Bibi in £190m reference

    An accountability court in Rawalpindi on Tuesday charged Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and his wife Bushra Bibi with involvement in the £190 million reference.

    Judge Nasir Javed Rana of the accountability court conducted the hearing at Adiala Jail, where former Prime Minister Imran is invarcerated in multiple cases, including the Toshakhana, cipher and illegal marriage cases. 

    Imran Khan and his wife Bushra Bibi were present when Judge Nasir Javed read the charge sheet.

    National Accountability Bureau (NAB) Deputy Prosecutor Sardar Muzaffar Abbasi, along with his team, was also present in court.

    NAB had started investigating Imran Khan, his wife, and others for allegedly getting hundreds of canals of land under the name of Al Qadir University Trust. As a result of the accusation of land, the government faced a loss of 190 million pounds.

  • Nearly 500 rhinos killed as poaching increases in South Africa

    Nearly 500 rhinos killed as poaching increases in South Africa

    Johannesburg (AFP) – Almost 500 rhinos were killed by poachers in South Africa last year, up 11 percent on 2022, despite government efforts to tackle the illicit trade in horns, ministers said Tuesday.

    The country is home to a large majority of the world’s rhinos and a hotspot for poaching, which is driven by demand from Asia, where horns are used in traditional medicine for their supposed therapeutic effect.

    The environment ministry said 499 of the thick-skinned herbivores were killed in 2023, mostly in state-run parks.

    The lion’s share were poached in eastern KwaZulu-Natal province, with the Hluhluwe–Imfolozi park — Africa’s oldest reserve — alone losing 307 animals.

    “This is the highest poaching loss within this province,” said Environment Minister Barbara Creecy.

    “Multi-disciplinary teams continue to work tirelessly in an attempt to slow this relentless pressure”.

    In recent years, authorities have tightened security particularly around the Kruger National Park, a tourist magnet bordering Mozambique that has seen its rhino population fall drastically over the past 15 years.

    This has resulted in lower losses there — 78 rhinos were killed in 2023, 37 percent fewer than in 2022.

    But it has also pushed poachers towards regional and private reserves like Hluhluwe–Imfolozi.

    Law enforcement agencies arrested 49 suspected poachers in KwaZulu-Natal last year, Creecy said.

    Across the country, 45 poachers and horn traffickers were convicted in court, she added.

    Among them was a former field ranger sentenced to 10 years behind bars for killing a rhino he later claimed had charged him.

    As of 2023, the national parks authority requires new employees to take a lie detector test amid concerns that some workers might be in cahoots with poachers.

    Rhino horns are highly sought in black markets where the price per weight rivals that of gold and cocaine.

    Nevertheless, in September last year the International Union for Conservation of Nature (IUCN) reported that thanks to conservation efforts rhino numbers had grown across Africa.

    Nearly 23,300 specimens roamed the continent at the end of 2022, up 5.2 percent on 2021, IUCN said, adding the increase was the first bit of “good news” for the animals in over a decade.

    About 15,000 live in South Africa, according to a separate estimate by the International Rhino Foundation.

    “While these updated IUCN populations figures provide hope, these gains remain tenuous as long as the poaching crisis continues,” Jeff Cooke of the World Wildlife Fund said Tuesday.

    And he described the spike in killings in South Africa’s KwaZulu-Natal, in particular, as “of grave concern”.

  • Fawad Khan shares exciting news about new project

    Fawad Khan shares exciting news about new project

    Fawad Khan is a certified superstar but he is notoriously private and isn’t very active on social media.

    However, the actor recently shared the poster of his new project “Beat” on Instagram. In the caption, he wrote that the project is the story of every heartbeat that will be released soon.

    While he didn’t share many details about his new project, according to the poster, it will be released on March 1 with actors like Daniyal Naqvi, Irfan Janjua, Shahveer Jafry, and Junaid Akram starring alongside Fawad.

    Fans are wondering whether the new project is a web series or a film and on which digital platform it will be released.

  • ASP Sheharbano tells why woman apologized in Ichra mob case

    ASP Sheharbano tells why woman apologized in Ichra mob case

    ASP Gulberg Sheharbano Naqvi has explained the process of rescuing the terrorised woman from a charged mob in Ichra Bazaar, Lahore. She also addressed criticism posed against her in an interview with BBC Urdu.

    Naqvi said that the call they received on the 15 police helpline was anonymous which stated that a woman was being heckled by a crowd wearing a shirt that had calligraphy on it and it has deeply hurt the sentiments of the people. She went on to detail the process of tackling the mob while making sure the woman remained safe. When asked why the woman was forced to apologize and how she is being criticised for being involved in the apology despite her display of courage, Sheharbano replied that she fulfilled her role as a first respondent to the situation where her duty was to ensure the safety of the person who is being accused as soon as possible. She stated that policy-related matters are above her pay scale, implying that the decision was not hers but from higher-ups of the department.

    ASP Sheharbano mentioned that it was “not orchestrated” the woman was transported to a safer location where the dialogue between the stakeholders ensued and the video was shot. The interviewer asked if she was heard saying that the woman was apologising in that video. To this, she replied that it was a result of widespread defamation that could have jeopardised the woman’s security in the longer run.

    To read more: ASP Sheharbano to be awarded highest police award for exemplary courage