Current Final

Author: News Desk

  • Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024

    Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024

    Pakistan has made a commitment to the International Monetary Fund (IMF) to significantly increase its gross foreign exchange reserves by $7.65 billion. The goal is to raise the reserves to $11.7 billion by the end of the financial year 2024, up from the current level of $4.056 billion in the financial year 2023. This move is aimed at building a buffer of foreign exchange reserves to protect the national economy from external shocks.

    The assurance was given through a Letter of Intent (LoI) signed by Finance Minister Ishaq Dar and State Bank of Pakistan (SBP) Governor Jameel Ahmed. Under a $3 billion stand-by arrangement (SBA) for nine months, Pakistan assured the IMF and its executive board of its commitment to bolster its foreign exchange reserves.

    If the gross foreign exchange reserves reach $11.7 billion by the end of June 2024, they will be sufficient to meet the country’s import requirements for goods and services for approximately 1.8 months.

    The balance of payment (BoP) chart, agreed upon by the IMF and Pakistan, indicates that projected disbursements of foreign loans during the current financial year 2023-24 are expected to amount to $15.01 billion from multilateral and bilateral creditors. This financial year started on July 1, 2023, and will end on June 30, 2024.

    The analysis of the BoP data suggests that Pakistan needs to secure external financing from multilateral and bilateral creditors during the current fiscal year. Additionally, Pakistan is seeking an additional deposit of $2 billion from the Kingdom of Saudi Arabia and $1 billion from the United Arab Emirates (UAE). The Islamic Development Bank (IsDB) has agreed to provide a $1 billion loan program.

    Furthermore, Pakistan is actively working on program loans and project financing from the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank (AIIB) to secure a total disbursement of $15 billion from all multilateral and bilateral sources.

    To further strengthen its reserves, Pakistan intends to engage with bilateral partners, especially China, Saudi Arabia, and the UAE, to extend the maturity of their existing deposits, which amount to $2 billion, $3 billion, and approximately $2 billion, respectively, in the current financial year.

    The IMF executive board is scheduled to convene on July 12, 2023, in Washington DC, to review and consider Pakistan’s request for approval of a $3 billion short-term bailout package, including a $1 billion tranche release. Upon approval by the executive board, the $1 billion tranche will be disbursed within a few days.

    The IMF staff has already circulated copies of the Letter of Intent among the executive board members. In this document, Finance Minister Ishaq Dar and the SBP governor have provided assurances regarding the implementation of crucial fiscal and energy reforms to address fiscal challenges. Islamabad has also committed to tackling issues in the energy sector, including measures to control the circular debt problem.

    To address energy sector concerns, the government plans to raise power and gas tariffs in line with the determinations made by the regulators. The National Electric Power Regulatory Authority (NEPRA) will finalise the power tariff, while the facts regarding gas tariffs are being ascertained by relevant officials.

    The Oil and Gas Regulatory Authority (OGRA) has already recommended increasing gas tariffs by 45 per cent and 50 per cent for two major gas utilities. The government has a 40-day timeframe to make a decision on this matter, after which the recommendations will be notified in the second week of July 2023.

    Under the nine-month SBA program, it is anticipated that there will be two reviews conducted by the IMF mission in September and December 2023. Each review is expected to lead to the disbursement of a $1 billion installment.

    Overall, Pakistan is taking significant measures to strengthen its foreign exchange reserves, seek external financing, and implement necessary reforms in order to address its economic challenges and ensure stability.

  • Shoaib Akhtar secures stay order against filming, release of biopic 

    Shoaib Akhtar secures stay order against filming, release of biopic 

    Former cricketer Shoaib Akhtar took to his Instagram account to announce that he has secured a stay order against the makers of his biopic ‘Rawalpindi Express’. The stay orders will prevent the crew from filming the movie.


    Akhtar warned that any person involved in the production process of the film will be held responsible by authorities:

    “I have issued a stay order against the filming and release of the supposed biopic being made on my life by a certain group of people. I had to do this because they had threatened in writing of continuing filming regardless of the legal termination of the agreement. Any person involved in the project should know that its completely illegal and they will be responsible for any reputational loss.”

    In the legal notice, it was mentioned that anyone associated with the film would be held responsible, and the police will raid any future filming with a court order.

    Previously, Akhtar announced his departure from the film, citing “failure to resolve disagreements amicably and constant contractual violations finally resulted in us cutting ties with them,” after which the former cricketer revealed he completed all legal protocols and revoked the rights to the story of his life.

    Actor Umair Jaswal, who had been selected to portray the cricket star in the project, also announced back in January in an Instagram post that he was stepping away from the film due to “personal and creative reasons”:

    “Due to creative and personal reasons, I have decided to step away from the Shoaib Akhtar biopic project RAWALPINDI EXPRESS. I will no longer be associated with any media or news related to this project.”

  • First suspected case of brain-eating amoeba reported in Lahore

    First suspected case of brain-eating amoeba reported in Lahore

    A concerning development has emerged in Lahore as the first suspected case of brain-eating amoeba, known as Naegleria Fowleri, has been reported in the city on Tuesday.

    DAWN has said that reports from a private laboratory revealed that a young patient has possibly tested positive for Naegleria. The patient was mmediately transferred to Services Hospital for isolation and further investigations.

    The lab’s report stated, “Amoeboid movement observed, suggesting the possibility of Naegleria fowleri,” and promptly notified the management of the government-run Services Hospital about the results.

    The news has sparked alarm among the public and health authorities alike.

    Medical experts have identified Naegleria fowleri as a free-living amoeba that causes primary amebic meningoencephalitis (PAM), a disease affecting the central nervous system.

    The Medical Superintendent of the hospital said the patient had been experiencing symptoms such as headache and fever since the past four days. The patient’s medical history is currently under investigation to confirm the Naegleria case, he added.

    A team of experienced medical professionals has been assigned to the patient’s treatment, while separate investigations have been initiated by the health department’s teams.

    It was further reported that a group of public health experts from the Lahore District Health Authority (DHA) visited Services Hospital and found the patient unconscious.

    The DHA team also visited the patient’s residence in Ichhra, where the patient’s family informed the doctors that he had recently spent time with friends in the DHA Lahore. They also clarified that the patient had not visited Karachi, where Naegleria cases have recently been reported.

    The DHA has formed additional teams tasked with inspecting all swimming pools and sources of clean drinking water in the city.

    In order to reduce the risk of contracting this highly infectious amoeba, the official recommended that the public use chlorinated water for domestic purposes. They also urge parents to take preventive measures and ensure the safety of their children and family members by avoiding swimming pools that have not been properly chlorinated.

  • Pakistani transgender comedian and activist barred from using Emirates

    Pakistani transgender comedian and activist barred from using Emirates

    Pakistani transgender activist and stand up comedian Anaya Rahimi took to Twitter to share that she was preventing from boarding an Emirates flight to Tunisia because of the X gender on her card, which signifies that she is a trans woman.

    Describing the experience in an Instagram post, Rahimi said that the Emirates staff misbehaved with her, prohibiting her from travelling as trans people are not allowed to board their planes, despite her efforts to communicate with them.

    “When I went to emirates check in Lahore @lahoreairport the @emirates staff there stopped me and insulted me first because of my gender they along with there manager used transphobic slurs and then told me that you cant travel as @emirates does not allow trangender people to travel. I tried my best to argue and make my case presented the email approval by emirates and told that I confirmed from headoffice too but they shut me down and asked guards to escort me out didn’t let me use my phone as well.”

    Since the post went viral on Twitter, transgender activists like Shahzadi Rai, who was previously prevented from using FlyDubai because of her gender identity, condemned the airline and called for authorities to take action against the organisation.

    https://twitter.com/Bubbleskhanum/status/1675907955055636493?s=20
  • Neglected Thai elephant Muthu Raja returns home after two decades

    Neglected Thai elephant Muthu Raja returns home after two decades

    Thai elephant Muthu Raja has reached back home on Sunday after two decades as the animal was claimed back by its birth country over reports of mistreatment.


    The 29-year-old Muthu Raja had been sent to Sri Lanka back in 2001 as a gift by Thai authorities, but the animal was demanded back by his home country after there were reports of Muthu being allegedly tortured and ill-treated in a Buddhist temple.


    Muthu was later temporarily moved to a zoo in Colombo after public uproar against the neglect and torture. Animal welfare groups pointed out that the animal presented as gift to the country had been forced to work with a logging crew. The elephant had also sustained wounds, some allegedly inflicted by its handler.


    According to the zoo’s chief veterinarian, Muthu Raja was in pain and covered in abscesses when it was rescued from the temple last year.
    Cruelty against the largest existing land animal was unacceptable by the authorities as elephants are also considered sacred creatures in Sri Lanka and are protected by law.


    The Prime Minister of Sri Lanka said he had personally conveyed the country’s regrets to the Thai king over the elephant’s condition.
    One of the organizations that protested for the elephant’s safety, RARE (Rally for Animal Rights and Environment), expressed sorrow over the news of Muthu’s departure and further urged the authorities to take action against those responsible.


    Muthu finally reached home on a commercial reparation flight that Thai officials said cost $700,000.


    The elephant received a warm welcome at the airport by the Thai environment minister Varawut Silpa-archa. “He travelled five hours and nothing is wrong, his condition is normal,” the minister said.
    Thai authorities have planned to quarantine the elephant at a nearby nature reserve.

  • Imran Khan gets relief from Islamabad High Court in Toshakhana case

    Imran Khan gets relief from Islamabad High Court in Toshakhana case

    The Islamabad High Court (IHC) on Tuesday declared the Toshakhana case against Pakistan Tehreek-e-Insaf (PTI) chairman, Imran Khan, inadmissible.

    Chief Justice of Islamabad High Court, Justice Aamer Farooq, announced the verdict while accepting Imran Khan’s plea against the trial court’s decision.

    The court has ordered the trial court to reconsider the arguments presented by Khan’s lawyer. IHC has also ordered the trial court to take a decision on Imran Khan’s plea within seven days.

    It is worth mentioning that investigations are underway against Imran Khan in the Toshakhana case at the National Accountability Bureau (NAB), where he will today appear before the NAB inspection team in Islamabad.


  • Pakistani rupee gains Rs15 versus US dollar during intraday trade

    Pakistani rupee gains Rs15 versus US dollar during intraday trade

    In the aftermath of securing last-minute funding from the International Monetary Fund (IMF), the Pakistani rupee exhibited a substantial gain of Rs15 against the US dollar in the interbank market on Tuesday.

    As reported by the Forex Association of Pakistan, the local currency’s exchange rate appreciated to Rs271 around 10 am. It is worth noting that the rupee had closed at 285.99 against the dollar on June 27, with trading activities suspended due to the Eid holidays last week and a bank holiday on Monday.

    This positive development follows a previous record-high exchange rate of Rs290.93 reached on May 11. Since then, the dollar has experienced a considerable decline of more than Rs23.

    The anticipated 3 per cent appreciation of the rupee has been realised, but the sustainability of these gains will be verified in the days ahead. The government has indicated that the partial funds from the IMF deal will be disbursed by mid-July.

    Additionally, the government has expressed confidence in securing approximately $4 to $5 billion from Saudi Arabia, the United Arab Emirates, and the Islamic Development Bank. These additional funds would contribute to resolving the dollar liquidity issues.

    The strength and stability of the rupee are likely to be maintained if these payments materialise. However, any delays could potentially increase pressure on the currency.

    According to the government’s projections, Pakistan’s reserves are expected to increase to $14 billion by August. Should this estimation hold true, it is anticipated that the rupee will stabilise around the range of 270 to 280, as suggested by experts.

  • Feroze Khan thinks the cure to depression is women obeying men

    Feroze Khan thinks the cure to depression is women obeying men

    Feroze Khan is once more going viral on the internet for all the wrong reasons. The actor is now promoting the most absurd ways to help women overcome depression.

    In a viral now-deleted post, a person had asked the actor how she could cure depression about her future, to which Khan responded:

    “Obey your men. Give them your responsibility and sit back and enjoy grapes. I’d do that if I was a woman. Be a queen.”

    Sir, how is this even proper advice? Cure your depression by completely submitting yourself to the men in your life?

    Once more, Feroze jee proves how undefeatable his critical thinking skills are, when a fan questioned him about his misogynist views by reminding him that it was due to the struggles and hard work of his sister, ‘Maula Jatt’ actress Humaima Malick, that Khan was able to achieve such monumental fame, which brings into question why he holds such misogynist views.

    To this Feroze had to respond:

    1 , I’m gonna be loud.
    2, will have no fear.
    3, do you think she would’ve achieved this without my dad and us brothers backing her up ?
    *mic drop*

    Classy behavior, putting down the hard work of your sister just to boost up your ego.

    Twitter users obviously did not have the time or the fortitude to put up with Khan’s misogynist views and were ready to shut him down.

    https://twitter.com/udharmarro/status/1675391704310882304?s=20
  • Nawaz Sharif will be our next candidate for PM: Ishaq Dar

    Nawaz Sharif will be our next candidate for PM: Ishaq Dar

    Financial Minister Ishaq Dar has said on Monday that Pakistan Muslim League-Nawaz (PML-N) head, Nawaz Sharif, will be the party’s next candidate for Prime Minister in the upcoming general elections.

    While speaking on Geo News’ programme Aaj Shahzaib Khanzada Kay Sath, Dar said that Nawaz Sharif is in London for medical treatment and will return to his home country after the completion of the same.

    He also said that now there is no hurdle for former Prime Minister Nawaz Sharif to participate in the upcoming elections after parliament recently passed an amended election law that limits the disqualification period to a maximum of five years.

    Dar gave his statement a day after Nawaz said that inflation will be wiped out in the country if the PML-N won the upcoming elections, adding that his party will resolve all the problems in the country.

    Nawaz Sharif and his daughter Maryam Nawaz arrived in the United Arab Emirates for Eid, and held meetings with Pakistan Peoples Party (PPP) top leaders, including Asif Ali Zardari and Bilawal Bhutto.

  • President allows NAB to secure 30-day physical remand of suspects, night before Imran Khan’s NAB appearance

    President allows NAB to secure 30-day physical remand of suspects, night before Imran Khan’s NAB appearance

    Acting president and Senate Chairman Sadiq Sanjrani on Monday night signed the National Accountability Bureau (NA) Amendment Ordinance 2023, which allows the accountability watchdog to secure a 30-day physical remand of a suspect, as opposed to the existing duration of 14 days

    After the revisions, the NAB chairman has been given authority to issue arrest warrants for individuals implicated in cases where cooperation during the investigation is insufficient.

    Sanjrani has signed the ordinance upon the request of Prime Minister (PM) Shehbaz Sharif, “The prime minister’s advice at para 6 of the summary is approved. The National Accountability (Amendment) Ordinance, 2023, is signed and promulgated.”

    It is pertinent to mention here that NAB Rawalpindi has summoned Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan, and his wife, Bushra Bibi today (Tuesday), regarding two lseparate cases.

    Imran Khan will be appearing in the Toshakhana case, while Bushra Bibi has been summoned in relation to a £190 million National Crime Agency (NCA) UK settlement case.