Tag: aid

  • Pakistan’s foreign currency reserves down by $328 million

    Pakistan’s foreign currency reserves down by $328 million

    State Bank of Pakistan (SBP) on April 28, revealed that the central bank’s foreign exchange reserves fell by 3 per cent on a weekly basis.

    The central bank’s foreign currency reserves were $10,558.2 million on April 23, a $328 million decrease from the previous day’s total of $10,885.7 million. according to the SBP, this decline was caused by external debt and other payments.

    Pakistan’s total liquid foreign currency reserves, comprising net reserves held by banks other than the SBP, were $16,668.2 million. Banks held a total of $6,110 million in net reserves.

    SBP’s foreign exchange reserves reached an all-time high of $20.15 billion in the week ending August 27, 2021, after Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the IMF on August 24.

    Pakistan bought $2.5 billion using Eurobonds on March 30, 2021, by offering attractive interest rates to lenders in order to enhance foreign exchange reserves.

    Read more: All banks to remain open this Saturday

    On July 9, 2019, it received the first loan amount of $991.4 million from the IMF, which helped to boost reserves. The IMF released the second loan tranche of approximately $454 million in late December 2019.

  • Mila Kunis raised $35 million for Ukraine relief in less than 30 days

    Mila Kunis raised $35 million for Ukraine relief in less than 30 days

    Since the beginning of the Ukraine crisis, individuals all over the world have come together to offer monetary and non-monetary relief to the war-torn country. Mila Kunis and her husband Ashton Kutcher were among the first fundraisers to help.

    The American actress instantly created a GoFundMe page to raise funds for Ukrainian refugees fleeing for their lives. They even kicked off the fund with a $3 million donation of their own, and donations only escalated from there.

    The couple had exceeded their $30 million goal in less than 30 days and then increased it to $40 million. They have raised more than $35.3 million from nearly 73,400 donors as of March 29, 2022.

    DST Global and Larry Ellison, the co-founder of Oracle Corporation, are among the fund’s major contributors. DST contributed a total of $3.5 million to the cause, with Ellison donating the most money of all, $5 million.

    Several anonymous donors, in addition to many others, gave significant contributions totaling more than $1 million.

    GoFundMe created a hub for verified fundraisers trying to raise money for humanitarian help in Ukraine in the wake of the ongoing conflict between Russia and Ukraine.

    Presently, the hub organizes fundraisers ranging from supporting major humanitarian groups such as ‘Save the Children’ to raising donations for particular Ukrainian families.

    To get verified on the donation hub, GoFundMe’s trust and safety team need to know the identity of the organizer along with how the funds will be used and who they are raising money for.

  • Turn in Pak-Russia friendship? Pakistan sends humanitarian aid to Ukraine

    Pakistan’s government has sent humanitarian aid to Ukraine to support the country’s war-torn citizens. The government of Pakistan sent the aid upon the request of Ukraine.

    Medicine, electromechanical equipment, winter beds, and food items are among the relief supplies. More than 15 tonnes of assistance will be delivered by two planes.

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    The Ukrainian Ambassador received the relief supplies from Foreign Minister (FM) Shah Mahmood Qureshi. Qureshi said that Pakistan has always acted as a responsible and peace-loving country. He added Pakistan has stood by the international community during disasters.

    20 days have passed since the war began. More than 2.8 million people have left Ukraine.

    Pakistani Prime Minister Imran Khan’s visit to Moscow to meet Russian President Vladimir Putin amid the Ukraine crisis left many, thinking that Pakistan is taking sides in the conflict, but the recent development of sending aid to Ukraine presents a different picture.

  • Pakistan may send experts to replace Afghan brain drain

    Pakistan may send experts to replace Afghan brain drain

    Federal Minister for Finance and Revenue Pakistan, Shaukat Tarin has said that Pakistan may have to send experts to Afghanistan because of the country’s major experts have left the country which has complicated the Taliban’s administration, reports The News.

    While giving an extensive briefing to the Senate Standing Committee on Finance on Thursday, Mr Tarin said that the government was building up strategic reserves of essential food commodities to meet domestic as well as Afghanistan’s requirements.

    According to him, “they [Afghanistan} require assistance and we may have to dispatch experts because of the brain drain in Afghanistan. The situation is fluid and we are analysing it. The West has stopped foreign reserves of Afghanistan to the tune of $10 billion, as the IMF has stopped $400 million and many others so Kabul will be facing a scarcity of foreign exchange. Our bilateral trade will surge but we may have to undertake bilateral trade in the Pak rupee.”

    Talking about Pakistan’s economic situation he stated, “Pakistan’s trade deficit stands at $4 billion and remittances are hovering around $2.5 billion.”

    “On tax revenue, FBR revenues are ahead of target by 23 percent. The track and trace system will be placed for five major sectors. The Point of Sale (POS) will integrate receipts and standardised and frivolous notices will be withdrawn,” he assured.

    More than 120,000 people evacuated from Afghanistan are qualified professionals from civil servants to lawyers.

    Michael Barry, a specialist on Afghanistan who taught at the American University in Kabul, said that many members of the Taliban are from rural areas and lack the knowledge to run the state bureaucracy, as per Agence France-Presse (AFP).

  • Another Etihad plane from UAE carrying medical aid lands in Israel

    Another Etihad plane from UAE carrying medical aid lands in Israel

    United Arab Emirates (UAE) flag carrier Etihad Airways sent its second flight to Israel in less than a month on Tuesday, carrying medical aid to help Palestinians tackle the coronavirus pandemic, witnesses and officials said.

    Jordan and Egypt aside, Arab countries have no official diplomatic ties with Israel, but Gulf Arab nations have had ever more publicly warm ties with Israel of late, partly over shared rivalry with Iran.

    In mid-May, the UAE flew its first publicly announced flight to Israel, also an Etihad flight carrying coronavirus aid for the Palestinians.

    But Tuesday’s aircraft bore for the first time the logo of the Arab carrier, a source with knowledge of the flight told AFP.

    It is “the first time that a plane carrying Etihad’s marking is landing in Israel”, the source said.

    Israel’s foreign affairs ministry confirmed that Tuesday’s flight was the second one to Israel from the UAE.

    “It is the second direct flight from the UAE and it has medical aid for the Palestinians,” the ministry said.

    The aid “will be given to the UN to distribute,” it said.

    Palestinian premier Mohammed Shtayyeh said the Palestinians had not been informed about the flight.

    “The Emirati plane took us by surprise, we didn’t know about it,” he told foreign journalists at the Palestinian Authority headquarters in the occupied West Bank city of Ramallah.

    He voiced appreciation for the aid but said the delivery should have been coordinated.

    “When China decides to help us, they coordinate with us, when any country in the world is extending its assistance, they tell us,” he told foreign journalists in Ramallah.

    In another sign of warming ties between Israel and Gulf Arab nations, the Jewish state Tuesday congratulated the UAE on its bid to launch the first Arab space probe.

    That and the latest flight came as Israel prepares to potentially move forward in July with annexing its West Bank settlements and the Jordan Valley.

    A peace plan announced by US President Donald Trump in January gave the green light for such annexations as well as creating a reduced Palestinian state, crucially lacking a capital in east Jerusalem.

    The Palestinians have rejected the proposals and Shtayyeh said Tuesday the Palestinians had submitted a counter-proposal to the Quartet mediating in the conflict, namely the United Nations, United States, Russia and the European Union.

    Analysts say Prime Minister Benjamin Netanyahu believes Arab states normalising with Israel will push the Palestinians to reach a peace deal, not the other way around.

  • Coronavirus: Pakistan to get 153 million euros

    Coronavirus: Pakistan to get 153 million euros

    Ambassador of the European Union (EU) to Pakistan Androulla Kaminara has called on Prime Minister (PM) Imran Khan and announced that the EU had allocated 153 million euros to support Pakistan in its war against the new coronavirus — COVID-19.

    She briefed the premier on measures by the EU to strengthen Pakistan’s response to the COVID-19 pandemic, over which PM Imran expressed satisfaction on the growing momentum in Pakistan-EU bilateral relations.

    Further steps to deepen the Pakistan-EU partnership in all its dimensions were also discussed during the meeting.

    This is not the first relief effort aimed at supporting cash-stripped Pakistan as it fights the global pandemic.

    Earlier, the International Monetary Fund (IMF) had announced to provide around $1.4 billion to help the country address the economic fallout of the coronavirus outbreak.

    “IMF Executive Board approves a US$1.386 billion disbursement to Pakistan to address the COVID-19 pandemic,” the State Bank of Pakistan (SBP) had said in a statement last month.

    The announcement had come after the global lender said the disbursement under its Rapid Financing Instrument would enable Pakistan “to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic”.

    “The outbreak of COVID-19 is having a significant impact on the Pakistani economy. The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing. This has created an urgent balance of payments need,” said Geoffrey Okamoto, acting chair of the IMF Executive Board, in a statement.

    “In this context of heightened uncertainty, IMF emergency financing under the Rapid Financing Instrument provides strong support to the authorities’ emergency policy response, preserving fiscal space for essential health spending, shoring up confidence, and catalysing additional donor support.”

    He also acknowledged the country’s “swift action” to curb the spread of the virus and other measures to support citizens.

    The total number of infections in Pakistan, by the time this report was filed, stood at 24,954 with 593 deaths.