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  • Pakistan repays $5.4 billion of $24.6 billion external debt

    Pakistan repays $5.4 billion of $24.6 billion external debt

    The State Bank of Pakistan (SBP) governor revealed that Pakistan’s external debt obligations for Fiscal Year 2024 are $24.6 billion, as stated during the post-Monetary Policy Committee (MPC) meeting on Tuesday.

    Breaking down the figures, the principal amount is $20.7 billion, with an additional $3.9 billion accounting for interest.

    Notably, a total of $5.4 billion has already been repaid, encompassing a $4 billion principal payment and a $1.4 billion interest payment.

    As a result, the outstanding debt now stands at $19.2 billion, with plans to rollover $12.4 billion (with $9.3 billion already confirmed), according to the governor.

    This leaves a net remaining amount of $6.8 billion for the remaining seven months of the fiscal year. This comprises a $4.3 billion principal and a $2.5 billion interest payment.

    It’s crucial to note that the current foreign exchange reserves are relatively limited, standing at approximately $7 billion.

  • Pakistan’s credit rating maintained by Fitch at ‘CCC’ amidst financing challenges

    Pakistan’s credit rating maintained by Fitch at ‘CCC’ amidst financing challenges

    Fitch Ratings, a US-based credit rating agency, has maintained Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC,’ according to a statement released on Wednesday.

    The ‘CCC’ rating indicates significant external funding risks due to elevated medium-term financing requirements, notwithstanding some stabilisation and Pakistan’s commendable performance on its current standby arrangement (SBA) with the International Monetary Fund (IMF), as explained by Fitch.

    While anticipating scheduled elections in February and prompt negotiation for a subsequent IMF programme after the SBA concludes in March 2024, Fitch cautioned about potential delays and uncertainties regarding Pakistan’s ability to achieve this.

    Fitch emphasised the potential vulnerability of recent reforms and the prospect of renewed political volatility in the wake of the upcoming elections. Regarding the ongoing IMF programme, Fitch expressed confidence in the unproblematic approval of the recent staff-level agreement (SLA) by the IMF board.

    Fitch’s assessment highlighted the positive outcomes of the programme review, including sustained fiscal consolidation, energy price reforms despite public backlash, and strides towards adopting a more market-driven exchange rate regime.

    However, Fitch also pointed out risks associated with policy implementation, citing a historical pattern of parties across the political spectrum in Pakistan failing to implement or reversing reforms agreed upon with the IMF.

  • BTS’ Jungkook dominates Billboard Music Awards 2023

    BTS’ Jungkook dominates Billboard Music Awards 2023

    Jungkook from BTS just achieved a HUGE milestone in the music world! His new solo song, ‘Standing Next To You’ is now at the top of the Billboard Digital Song Sales chart in the United States.

    Jungkook has been making waves as a solo artist since 2023, proving himself to be a major player in the industry. His debut album, “GOLDEN,” dropped on November 3, and the lead track from that album snagged the number one spot on the Billboard chart. It’s a big deal because last week, Taylor Swift was holding the top position with her song “You’re Losing Me.”

    Jungkook’s solo success is making headlines as he surpasses well-known artists and establishes himself as a major force in the music industry.

  • Zahara: South African Music Star Passes Away at 36

    Zahara: South African Music Star Passes Away at 36

    South African singer Zahara, who rose from an impoverished rural background to find rapid fame with multi-platinum selling albums and delivered her unique version of wistful Afro-soul in her country’s isiXhosa language and in English, has died, her family said Tuesday. She was 36.

    Zahara, whose real name was Bulelwa Mkutukana, died Monday, her family said in a statement posted on her official page on X, formerly Twitter. It gave no cause of death. The family said last month that Zahara had been admitted to a hospital with an undisclosed issue and had asked for privacy.

    “She was a pure light, and an even purer heart, in this world,” her family said in Tuesday’s statement.

    Zahara’s debut 2011 album “Loliwe” — meaning “The Train” — was certified double platinum and became South Africa’s second-fastest selling album after the 1997 record “Memeza” by Brenda Fassie, an icon of South African music.

    Just 23 when “Loliwe” was released, Zahara was a sensation and immediately compared with Fassie, who also died young at 39.

    Zahara won 17 South African music awards, was also recognized in Nigeria and was included on a list of the 100 most influential women in the world in 2020 by the BBC. She released four more albums — one of them triple platinum and one platinum.

    Zahara’s death prompted reaction from across South Africa, including all major political parties and South Africa’s Parliament, which said in a statement “it was difficult to accept the news of Zahara’s passing” at such a young age.

    Zahara became known as South Africa’s “Country Girl,” a testament to her upbringing in the rural Eastern Cape province, but also how her award-winning music came with a highly-effective simplicity; through her voice and an acoustic guitar. Her songs were marked with references to her Christian religion but also to South Africa’s painful history of apartheid, even if she was only a young child when it ended.

    In the single “Loliwe” — from the same album — “Loliwe” was the train that carried fathers, brothers and sons to the big city of Johannesburg to find work during the time of racial segregation. Many didn’t return and their families were left to wonder what had happened to them. The song was about “lingering hope,” Zahara said in 2012. But the lyrics also included the phrase “wipe your tears,” which she said urged those left behind to “pick yourself up and look forward.”

    It resonated with a new generation of post-apartheid South Africans.

    “She inspired us with Loliwe,” South African Music Awards spokesperson and former music journalist Lesley Mofokeng told TV channel Newzroom Afrika. “You could not ignore Loliwe. Her voice could reach the heavens.”

    In an interview published by her record label after Loliwe’s release, Zahara said she began playing guitar on her own and wrote the songs for her first album without knowing what the chords were called.

    “All along I was just using my ears,” she said.

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  • Can the US Veto in UN be bypassed to end Gaza genocide? Here’s how you can help

    Can the US Veto in UN be bypassed to end Gaza genocide? Here’s how you can help

    The United States vetoed a United Nations resolution on Friday, December 8, backed by almost all other Security Council members and dozens of other nations, demanding an immediate humanitarian ceasefire in Gaza. In this emergency meeting, U.N. Secretary-General Antonio Guterres invoked Article 99, a rare move to force a vote on the deteriorating humanitarian situation in Gaza, where two million people are displaced and more than 18,000 people have been killed.

    The vote in the 15-member council was 13-1, with the United Kingdom abstaining.

    The US is facing criticism from all over the world and domestic backlash, but there is a way to sign a petition to appeal to the respective ambassador to the UN asking them to invoke article 377 A to get around the US Veto and call for a permanent ceasefire.

    What is Article 377 A?

    The United Nations General Assembly Resolution 377 A is known as the ‘Uniting for Peace Resolution’ states that in any case where the Security Council, because of a lack of unanimity among its five permanent members (P5) fails to act as required to maintain international security and peace, the General Assembly shall consider the matter immediately and may issue appropriate recommendations to the UN members for collective measures, including the use of armed forces when necessary, to maintain or restore international security and peace.

    How is this done?

    Using social media is effective but there are other concrete ways to invoke Article 377 A.

    This can be done by writing to the UN Ambassador to demand they invoke UNGA’s resolution 377A.

    A copy of the email needs to be sent to the undesa@un.org and inquiries2@un.org

    The petition has to be signed and available on the @call2actionnow page.

    Here’s the link to the petition for Pakistan: https://chng.it/qdb9VVqtwt

  • Iran executes murderer of Ayatollah Abbas Ali Soleimani

    Iran executes murderer of Ayatollah Abbas Ali Soleimani

    Iranian authorities executed a man convicted of killing a powerful cleric in April, the judiciary said Wednesday.

    Ayatollah Abbas Ali Soleimani, a member of the Assembly of Experts that selects the country’s supreme leader, was killed on April 26 in a bank in Babolsar city in the northern province of Mazandaran.

    The murderer, who has not been named, was a security guard at the bank. CCTV footage published by local media showed him shooting the cleric from behind as he was sitting in a chair.

    “The sentence of qesas (Islamic law of retribution) for the murderer of Martyr Ayatollah Abbas Ali Soleimani was carried out today after being approved by the country’s Supreme Court,” a local official said, according to the judiciary’s Mizan Online website.

    Under Islamic law, the sentence of qesas can be dropped if the victim’s family agrees to spare the convict.

    Soleimani, 75, was previously a representative of Supreme Leader Ayatollah Ali Khamenei and led Friday prayers in the cities of Kashan and Zahedan.

    The 88-strong Assembly of Experts is tasked with supervising, dismissing, and electing the supreme leader. It is headed by ultra-conservative 96-year-old cleric Ahmad Jannati.

    Its members are elected for eight-year terms, but candidates are closely vetted.

    In April 2022, two clerics died in a knife attack in Iran’s second city of Mashhad. A 21-year-old suspected jihadist, Abdolatif Moradi, was hanged two months later for the crime.

    Rights group Amnesty International says Iran executes more people than any country except China.

    It has executed more than 600 people so far this year, already the highest figure in eight years, according to a report last month by the Norway-based Iran Human Rights group.

  • Imran Khan and Shah Mahmood Qureshi indicted in cipher case again

    Imran Khan and Shah Mahmood Qureshi indicted in cipher case again

    Pakistan Tehreek-e-Insaf’s (PTI) former chairman Imran Khan and the party’s vice chairman, Shah Mahmood Qureshi, were indicted again in the cipher case on Wednesday.

    A special court established under the Official Secret Act 2023 indicted both PTI leaders with Judge Abdul Hasnat Zulqarnain announcing the decision.

    Both leaders were found guilty of misusing a diplomatic cable issued by the Pakistan embassy in Washington DC for political purposes.

    During the hearing, Federal Investigation Agency (FIA) Special Prosecutors Shah Khawar and Zulfiqar Abbas Naqvi appeared in court, while Imran Khan and Shah Mahmood Qureshi were represented by their lawyers.

    The regular trial of the cipher case against the former prime minister and ex-foreign minister will begin in Adiala Jail in Rawalpindi.

    A hearing was also held on Tuesday, where family members of PTI leaders were also present. Some journalists were also present to witness the proceedings.

    Earlier, after Khan and Qureshi challenged their indictment in the case, the Islamabad High Court (IHC) declared their jail trial “null and void” while allowing intra-court appeals in the case.

  • Shaheen Afridi appointed vice-captain of national Test team

    Shaheen Afridi appointed vice-captain of national Test team

    Shaheen Shah Afridi has been appointed as the vice-captain of Pakistan’s Test cricket team.

    The first Test match between Pakistan and Australia will start tomorrow in Perth. Shaan Masood will lead the national test team, and Shaheen Shah Afridi has been appointed as the vice-captain of the national Test team. The Pakistan Cricket Board has said that Shaheen Shah Afridi will serve as the vice-captain of the national team in the Test series against Australia.

    This test series is a part of the International Cricket Council (ICC) World Test Championship.

  • Shaan Masood becomes captain of Karachi Kings

    Shaan Masood becomes captain of Karachi Kings

    Pakistan Super League (PSL) franchise Karachi Kings has appointed national test team captain Shan Masood as the captain of their franchise.

    Talking during an event in Lahore on Wednesday, Karachi Kings owner Salman Iqbal said, “Shaan Masood will be the captain of the Karachi team. I think Shaan is a good leader. I request the Karachi fans to come to the stadium and support the team this year. They will try to win more matches and try to pick good players in the draft.”

    Karachi Kings congratulated Shaan Masood for taking over the leadership of the team on the social media platform ‘X’.

    The drafting ceremony of the players for edition 9 of the Pakistan Super League will be held today.