Tag: fund

  • WTO launches $50m fund for female entrepreneurs in developing world

    WTO launches $50m fund for female entrepreneurs in developing world

    The director general of the World Trade Organisation, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepeneurs in developing countries to export more using the opportunities offered by the digital economy.

    The announcement came ahead of the 13th ministerial conference of the WTO which opens on February 29 in the United Arab Emirates.

    Okonjo-Iweala, speaking alongside the Emirati Minster of State for Foreign Trade Thani al-Zeyoudi, said the “ground-breaking initiative… embodies our collective commitment to empower women”.

    “We need catalytic solutions to solve the financing issue that women face,” she added.

    The fund will help businesses run by women in developing countries to adopt digital technologies and increase their online presence.

    Zeyoudi said his country would contribute $5 million to the fund, adding “this initiative allows us to celebrate the invaluable contribution of women entrepreneurs and women led businesses around the world and to recognise the critical role they play in driving economic growth”.

    “While women are one half the world’s population, they only contribute 37 percent to the global GDP,” he said.

    Also at the announcement was Saudi Arabian Minister of Commerce Majid al-Kasabi, who called it a “milestone” and said his country was “dedicated” to supporting female empowerment.

    Okonjo-Iweala said that in meeting female entrepeneurs, “a common refrain among them is the need for adequate financing to scale their businesses and to tap into the vast opportunities of global trade”.

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    © Agence France-Presse

  • TikTok star Sabrina Bahsoon launches fund for Palestinian children’s education

    TikTok star Sabrina Bahsoon launches fund for Palestinian children’s education

    Lebanese-Malaysian TikTok star Sabrina Bahsoon, also known as “Tube Girl,” is helping Palestinians by initiating a fund to assist Palestinian children. With a following of nearly 800,000 on TikTok, Sabrina has teamed up with Geutanyoe Malaysia, an advocacy group, to provide aid to Palestinian refugees in Malaysia. These refugees have come from Gaza and the West Bank

    Sabrina’s initiative focuses on education and she has established a fund dedicated to sponsoring the schooling of 14 Palestinian children at the Marifah International School in Seri Kembangan, Malaysia. Sabrina’s kind act is all about making sure these children can go to a good school and have the opportunity for a better future.
    Geutanyoe Malaysia has expressed sincere appreciation for Sabrina’s generous support, acknowledging her commitment to the cause through the creation of the “Sabrina Bahsoon’s Fund for Palestinian Children’s Education.”

    It added: “This contribution not only nurtures young minds but also serves as a safe haven for them in a context of protracted displacement. Together, this coordinated effort strengthens our resolve to empower the Palestinian community through education.”

  • Pakistan will have to agree to ‘unimaginable’ IMF conditions for bailout: PM Shehbaz

    Pakistan will have to agree to ‘unimaginable’ IMF conditions for bailout: PM Shehbaz

    The government will have to accept “beyond imagination” International Monetary Fund (IMF) bailout requirements, according to Pakistan’s Prime Minister (PM) Shehbaz Sharif, who made the statement on Friday in a meeting of civil and military leaders in the northwestern city of Peshawar.

    In order to avoid backlash before the upcoming elections in October, the administration has refused to implement the tax increases and subsidy reductions that the IMF has required.

    “I will not go into the details but will only say that our economic challenge is unimaginable. The conditions we will have to agree to with the IMF are beyond imagination. But we will have to agree with the conditions,” PM Shehbaz said.

    In the midst of political unrest, a deteriorating security situation, and a balance of payments crisis caused by its high levels of foreign debt, Pakistan’s economy is in terrible circumstances.

    The nation’s central bank announced Thursday that its foreign exchange holdings had decreased once again to $3.1 billion, which analysts said was just enough to cover imports for fewer than three weeks.

    On Wednesday, year-over-year inflation reached a 48-year high, making it difficult for Pakistanis to afford food products.

    With the possibility of national bankruptcy looming and no friendly countries prepared to give less painful bailouts, Islamabad started to submit to pressure ahead of the IMF visit.

    To manage a rogue illicit market in US dollars, the government relaxed regulations on the rupee, which led to the currency falling to historic lows. Additionally, artificially low gasoline costs have increased.

    A backlog of thousands of cargo containers filled with material the countrycannot afford is accumulating at Karachi port as a result of the government no longer providing letters of credit, with the exception of necessary food and medication.

    IMF advises Pakistan to fetch additional revenue

    The IMF has suggested the Pakistani government implement significant, high-quality, and long-lasting tax and non-tax revenue initiatives in order to raise extra funds to close the anticipated Rs. 600 billion fiscal framework shortfall.

    Currently in Pakistan, an IMF delegation led by Mission Chief Nathan Porter is having discussions for the ninth review, which will go through February 9.

    After months of resistance, the government was finally obliged to agree to all the terms laid forth by the Washington-based lender due to the country’s declining foreign exchange reserves and deteriorating economic circumstances.

    Following the conclusion of the negotiations under the $6.5 billion Extended Fund Facility, a staff-level agreement is anticipated.

  • IMF mission to visit Pakistan next week to discuss stalled bailout programme

    IMF mission to visit Pakistan next week to discuss stalled bailout programme

    At the end of this month, an IMF delegation will travel to Pakistan to discuss the stalled ninth review of the country’s ongoing funding programme.

    The IMF provided Pakistan with a $6 billion bailout in 2019, which was increased by an additional $1 billion in 2022. However, the lender halted disbursements in November because Pakistan had not made further progress on fiscal reduction and economic reforms.

    “At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31st–February 9th to continue the discussions under the ninth EFF review,” according to IMF Resident Representative in Pakistan Esther Perez Ruiz.

    A successful visit is crucial for Pakistan, which is facing an increasingly acute balance of payments crisis and is desperate to secure external financing with less than three weeks’ worth of import cover in its foreign exchange reserves.

    Multilateral and bilateral financing pledges for the cash-strapped country’s effort to rebuild after devastating floods last year are also tied to the country getting the green light from the IMF.

    According to Ruiz, the mission’s main objectives would be power sector reforms and local and international sustainability restoration strategies, such as strengthening the budgetary situation while aiding flood victims.

    The reinstatement of a market-based process to decide the value of the Pakistani rupee would also be discussed, she added. The country must have such a structure in place before receiving IMF assistance, but up until this week, it had not done so.

    The relaxation of price ceilings that the government had established but that the IMF disagreed with has resulted in a loss of close to 10 per cent of the value of the Pakistani rupee in just two days.

    In just two days, the local currency has lost close to 10 per cent of its value after the removal of price caps imposed by the government, which the IMF opposed.

    Stronger policy initiatives and reforms, according to Ruiz, are essential for Pakistan to get financial help from official partners and the markets and to lessen the high level of uncertainty that is weighing on its future.

    Market observers claimed that the IMF programme was trying to be restarted when the price limitations were abruptly removed.

  • IMF expects Pakistan’s govt gross debt to decline by 6.7%

    IMF expects Pakistan’s govt gross debt to decline by 6.7%

    According to projections made by the International Monetary Fund (IMF), Pakistan’s government gross debt will decrease from 77.8 per cent of GDP in 2022 to 71.1 per cent in 2023.

    The predictions for Pakistan’s fiscal year 2022–2023, however, are made using data as of the end of August 2022 and do not take the current floods’ effects into account.

    The net debt for Pakistan is predicted to decrease from 71.5 per cent of GDP in 2022 to 66.1 per cent in 2023, according to the IMF study “Fiscal Monitor, Helping People Bounce Back.”

    According to projections, government revenue will represent 12.4 per cent of GDP in 2023 and 12.8 per cent of GDP in 2024, compared to 12.1 per cent during the same time in 2022.

    The primary balance of the government was predicted by the Fund to be 0.2 per cent in 2023 as opposed to -3.0 per cent in 2022. Furthermore, compared to 2022, 2023 is expected to see a decrease in the government’s overall balance of 4.8 per cent.

  • IMF board to approve Pakistan’s $1.17 billion tranche in August

    IMF board to approve Pakistan’s $1.17 billion tranche in August

    The International Monetary Fund (IMF) Board’s approval for the release of $1,177 million to Pakistan is expected in the third or fourth week of August, according to Minister for Finance and Revenue Miftah Ismail.

    “Most probably August 26 is the date of board approval,” he said.

    A staff-level agreement (SLA) was achieved between the IMF team and the Pakistani government on Thursday to conclude the Extended Fund Facility’s (EFF) combined seventh and eighth evaluations, according to Brecorder.

    As per IMF’s statement, “Subject to Board approval, about $1,177 million (SDR 894 million) will become available, increasing the total disbursements under the Programme to approximately $4.2 billion.” The agreement also included a nine-month extension of the EFF programme and an additional $1 billion.

    The federal government stated that the administration has already performed all of the preliminary steps necessary for approval. “Therefore, after the staff-level agreement, the approval from the board could be considered a formality,” he said.

    The World Bank, the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB), among others, may all provide finance as a result of the development, he claimed.

    “Pakistan can easily borrow money from multilateral institutions,” he said.

    While discussing commodity pricing, Miftah remarked that the people will also profit from the falling costs of goods like edible oil and wheat on the world market.

    The administration made difficult choices, the finance minister continued, to prevent the nation from going into debt and to help it from its current economic crisis.

    He said that the government is exerting every effort to address the circular debt and poor governance problems.

  • Anonymous person donates Rs1 million to Sindh’s coronavirus fund

    Anonymous person donates Rs1 million to Sindh’s coronavirus fund

    Sindh Chief Minister Murad Ali Shah received an “anonymous” donation of Rs1 million for the Sindh Coronavirus Emergency Fund on Monday.

    The CM shared this on social media and expressed his gratitude to the person who made the donation.

    “Such acts of kindness strengthen our resolve to continue fighting this challenge, & reassure us that humanity stands tall during such extraordinary times,” he wrote alongside pictures of a cheque and a letter.

    Meanwhile, the letter sent to the chief minister by the anonymous donor reads, “I am a retired person of 88 years. In response to your appeal, I submit herewith a cheque of a humble amount in face of the unheard and dreadful epidemic.”

    Earlier, on March 17, the Sindh government had set up a ‘Coronavirus Relief Fund’ to fight the epidemic.

    The provincial government’s spokesperson Murtaza Wahab in a tweet had said the Sindh chief minister, advisors, special assistants and all PPP MPAs will donate their one-month salary to the fund.