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  • Pakistan secures over $228 million in loans from multiple foreign sources

    Pakistan secures over $228 million in loans from multiple foreign sources

    In April 2024, Pakistan secured $237.24 million in external financing from various sources, according to the Economic Affairs Division (EAD). This sum included $228.64 million in loans and $8.60 million in grants.

    Throughout the first ten months of the fiscal year 2024 (10MFY24), the country managed to obtain a total of $7.14 billion in external financing, significantly less than the annual budget estimate of $17.62 billion.

    In April, the government received a substantial loan of $117.39 million for non-project aid, aimed at providing program and budgetary support to help restructure the economy. Over 10MFY24, loans for non-project aid amounted to $4.84 billion.

    The Ministry of Economic Affairs noted Pakistan’s continued reliance on foreign commercial borrowing, which amounted to $107.95 million in April and $889.43 million in 10MFY24. This was primarily facilitated through the Naya Pakistan Certificate.

    Notably, no funds were secured from foreign commercial banks in 10MFY24, despite a budget estimate of $4.5 billion for the fiscal year.

    Disbursements from bilateral and multilateral development partners remained strong, totaling $129.29 million in April and $3.74 billion in 10MFY24. Although these inflows helped bolster foreign exchange reserves, they fell short of the government’s budget estimates.

    Multilateral sources provided nearly $121.61 million in April and $2.87 billion in 10MFY24. Among these, the International Development Association-World Bank (IDA) led with $61.73 million in April, followed by the Asian Development Bank (ADB) with $42.78 million.

    The International Bank for Reconstruction and Development (IBRD) contributed $8.52 million, and the Asian Infrastructure Investment Bank (AIIB) provided $6.33 million. Cumulatively, IDA’s disbursements totaled $1.35 billion, ADB’s $708.30 million, and AIIB’s $309.95 million.

    Bilateral development partners contributed $7.68 million in April and $877.76 million in 10MFY24. In April, Germany provided $3.10 million, Korea $1.80 million, France $1.77 million, and the USA $1.01 million. Over 10MFY24, Saudi Arabia’s Oil Facility dominated bilateral disbursements with $595.18 million.

    While foreign assistance has been crucial in maintaining financial stability, the shortfall compared to budget estimates highlights the need for improved fiscal strategies and diversified financing avenues to achieve Pakistan’s economic goals.

  • Pakistan T20 World Cup squad finalized

    Pakistan T20 World Cup squad finalized

    The Pakistan Cricket Board has announced the squad for the T20 World Cup starting from next month.

    Here is the 15-member squad of Pakistan cricket team:

    Babar Azam (captain), Fakhar Zaman, Saim Ayub, Iftikhar Ahmed, Abrar Ahmed, Azam Khan, Haris Rauf, Imad Wasim, Mohammad Amir, Mohammad Abbas Afridi, Naseem Shah, Mohammad Rizwan, Shadab Khan, Usman Khan, Shaheen Shah Afridi

    The International Cricket Council (ICC) T20 World Cup is scheduled from June 1 to June 29 in America and West Indies.

  • Pakistan’s headline inflation expected to drop below 14%

    Pakistan’s headline inflation expected to drop below 14%

    Inflation in Pakistan is projected to decelerate significantly in May 2024, with the year-on-year (YoY) rate expected to drop to approximately 13.9 per cent. This sharp slowdown is attributed to a notable decline in monthly prices, aided by a favorable base effect.

    Monthly inflation is forecasted to decrease by 1.4 per cent, marking the second consecutive month of decline. This figure is significantly lower than the average monthly increase of 1.35 per cent observed over the past 12 months.

    As a result, the average yearly inflation for the first 11 months of the fiscal year 2024 (11MFY24) is anticipated to be 25.1 per cent YoY, compared to 29 per cent YoY in the same period of the previous fiscal year (FY23).

    The primary driver behind the decline in monthly inflation is a substantial 440 basis points (bps) drop in the Food Index. This reduction is mainly due to lower prices of essential food items such as onions, tomatoes, chicken, and wheat. Additionally, the Transport Index is expected to decrease due to falling fuel prices.

    Looking ahead, if consumer prices increase by an average of 0.5 per cent per month, the annual inflation rate is projected to decline to about 7.4 per cent by the end of December 2024. With a 1 per cent monthly increase, the annual inflation rate would fall to approximately 11.7 per cent.

    If the monthly increase matches the last 12-month average of 1.35 per cent, the annual inflation rate will stand at 14.8 per cent by December 2024.

    The following chart outlines the projected yearly inflation trajectory based on monthly inflation rates of 0.5 per cent, 1 per cent, and the last 12-month average of 1.35 per cent.

  • Laapataa Ladies beats ‘Animal’ to take Netflix’s top spot

    Laapataa Ladies beats ‘Animal’ to take Netflix’s top spot

    In a surprise upset, Laapataa Ladies has taken the top spot on Netflix, beating out Ranbir Kapoor’s hit movie ‘Animal’ in views, just one month after the film made its streaming premiere on April 26.

    Only one month after ‘Laapataa Ladies’ made its Netflix premiere, the OTT site has reportedly seen a record 13.8 million views of the film. As for Ranbir Kapoor, his hit movie ‘Animal’ has had 13.6 million views so far.

    Animal was released in cinemas on December 1st 2023, and it was released on Netflix on January 26 2024. It is directed by Sandeep Reddy Vanga.

    Laapataa Ladies is directed by Kiran Rao. Apart from Ravi Kishan, the film features news stars like Sparsh Shrivastava, Pratibha Ranta and Nitanshi Goe.

  • PTI is trying to spread hatred against state institutions, says Azma Bukhari

    PTI is trying to spread hatred against state institutions, says Azma Bukhari

    Pakistan Muslim League-Nawaz (PML-N) leader and Punjab Information Minister Azma Bukhari has said that Pakistan Tehreek-e-Insaf (PTI) is trying to spread hatred against state institutions, SAMAA reported on Friday.

    Azma criticised PTI while addressing a press conference in Lahore, saying that, “The PTI founder says that there is a probability of seeing the repetition of 1971.”

    Bukhari said: “It is the party’s [PTI] agenda to spread unrest in the country. Whenever there is unrest in the country, there comes up the name of merely one party.”
    The PML-N senior leader also declared Imran Khan a “mastermind” of the May 9 events.

  • PML-N’s Talal Chaudhry blames awaam for always abandoning political leaders

    PML-N’s Talal Chaudhry blames awaam for always abandoning political leaders

    Pakistan Muslim League-Nawaz (PML-N) senator Talal Chaudhry recently castigated the people of Pakistan for abandoning political leaders throughout history such as Zulifqar Ali Bhutto, Nawaz Sharif and even Imran Khan.

    Chaudhry stated on Azaad Urdu’s podcast, “The people used to say that if something happened to Bhutto, the Himalayas would cry. The day Bhutto was hanged, the people went to work the next day.”

    He further said, “The people told Nawaz Sharif ‘Qadam Barhao, ham tumhare saath hain’ (Step up, we are with you) and when he [Nawaz Sharif] did – he became a hijacker [Sharif’s conviction in 2000 Musharraf’s Plane Hijacking case] but people went to work.”

    Similarly, he said “Then the same people claimed, ‘Imran Khan is our redline.’ He is now inside [prison] and the people are at work.”

    The PML-N senator then blamed the PTI government for their past behaviour of not engaging with political leaders and opposition when they [PML-N] wanted a charter of the economy.

    Social media reactions were mostly critical of senator’s views.

  • UK police arrest 16 protesting against Israeli genocide of Gaza at Oxford University

    UK police arrest 16 protesting against Israeli genocide of Gaza at Oxford University

    UK police have arrested 16 people at a protest organised by a pro-Palestinian student group at Oxford University, in the latest flare-up on a prestigious campus over the genocide in Gaza.

    Thames Valley Police said the individuals were arrested Thursday on suspicion of aggravated trespass, while one was also held on suspicion of common assault.

    It follows protests in recent weeks at more than a dozen UK universities, including at world-renowned Oxford and Cambridge, emulating similar actions on campuses in the United States and elsewhere.

    Demonstrators opposed to Israel’s genocide in Gaza have made various demands, including that universities sever academic and financial ties with the country.

    In Oxford, the arrests came after students entered a university administrative building on Thursday morning, claiming they had “exhausted all other avenues of communication” with administrators.

    “Instead of engaging in dialogue with her students, the vice-chancellor chose to evacuate the building, place it on lockdown, and call the police to make arrests,” a spokesperson for the Oxford Action for Palestine (OA4P) protest group said.

    “We demand the administration meet with us to negotiate immediately.”

    Videos posted on social media showed people sitting on the ground in front of a police van being dragged away by officers, as onlookers chanted “shame”.

    Oxford University said in a statement that demonstrators had “gone beyond” peaceful protest, and that had “culminated in forced entry and temporary occupation” of some university offices.

    It added that OA4P had “escalated their protest actions from mainly peaceful to direct action tactics”, creating a “deeply intimidating environment” to community members, including Jewish students and staff.

    The university’s union, which represents academics, lecturers and staff, condemned “bringing in police to violently arrest” students who were “engaged in peaceful protest”.

  • South Koreans contest to find out who is best at doing nothing

    South Koreans contest to find out who is best at doing nothing

    South Korea held one of the strangest competition in the world where contestants are judged for being best at doing absolutely nothing.

    In Seoul, more than 100 people gathered over the weekend to do nothing. Officially, the event is called Space-Out competition which was started by a visual artist, Woopsyang, as a protest against the country’s hyper-competitive society almost 10 years ago in 2014.

    The Space-out competition was founded by a visual artist who goes by the pseudonym Woopsyang, after she suffered severe burnout. 
    CNN


    She suffered severe burnout and this event provided her along with others a respite.


    Spectators vote for the participant who’s best at zoning out for 90 minutes without falling asleep, checking their phone or talking.


    Participants’ heart rates are monitored, while onlookers vote for their 10 favorite contestants. Whoever has the most stable heart rate among the 10 takes home the trophy.


    More than 4,000 people applied to participate in the competition while the 117 contestants ranged from a child in second grade to people in their 60s.
    This year’s competition was won by freelance announcer Kwon So-a, who took home a trophy shaped like the sculpture of “The Thinker.”

    Freelance announcer Kwon So-a won this year’s competition in Seoul and took home a trophy shaped like Auguste Rodin’s sculpture “The Thinker.” 
    Charlie Miller/CNN


    Doing nothing is “good for your mental health as well as your physical health because your body has to relax, but your body can only relax when your brain relaxes,” she said while talking to CNN.

  • Fourth straight decline: Gold price drops by Rs1,800 per tola

    Fourth straight decline: Gold price drops by Rs1,800 per tola

    In a continuing trend, gold prices in Pakistan fell by Rs1,800 per tola on Friday, marking the fourth consecutive session of decline.

    This drop aligns with a decrease in international gold rates. As of the latest update, the price of gold per tola in Pakistan is Rs240,200.

    Similarly, the price of 10-gramme gold also saw a reduction, shedding Rs1,543 to settle at Rs205,933, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This decline follows a significant drop on Thursday, where gold prices decreased by Rs6,200 per tola in the local market.

    On the international front, gold prices eased further on Friday. The APGJSA reported the international rate at $2,338 per ounce, which includes a $20 premium, after a $17 drop during the day.

    In contrast, silver prices remained stable, holding steady at Rs2,800 per tola.

    Last month, gold prices in Pakistan reached an all-time high of Rs252,200 per tola, highlighting the recent volatility in the precious metals market.

  • Islamic scholar Assim Al-Hakeem comes to Khan’s defense

    Islamic scholar Assim Al-Hakeem comes to Khan’s defense

    In an interesting Twitter clash, renowned Saudi cleric Assim Al-Hakeem clapped back at an X user when he posted Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan’s picture showing him apparently prostrating at a shrine and asked the Islamic scholar whether the act was shirk in Islam.

    The scholar criticised the intent behind posting the picture and stated, “When one sees such a photo which is about 8 years old, one knows that the motive behind such a question is political and not religious.”

    Al-Hakeem further wrote, “You should fear Allah and when you hate someone, fight like a man and not use such dirty cheap tactics, trying to use Islam and religious rulings to support your party when you yourself most likely don’t even know the basics of Islam nor care about Islam or even the county!”

    The user later shared on X that the scholar had blocked him.