The International Monetary Fund has approved the completion of the sixth review of its stalled USD 6 billion programme for Pakistan, paving the way for an immediate disbursement of about USD 1 billion loan tranche for the cash-strapped country.
The IMF’s Executive Board held a meeting in Washington DC on Wednesday to consider Pakistan’s request for completion of the sixth review and release of a USD 1 billion tranche under the Extended Fund Facility (EFF).
The completion of this review allows for an immediate disbursement of 750 million in Special Drawing Rights (SDR) (about USD 1 billion) to Pakistan, bringing total disbursements under the arrangement to SDR 2,144 million (about USD 3 billion) or 106 per cent of the country’s quota, the Dawn newspaper reported on Thursday.
Finance Minister Shaukat Tarin also confirmed the approval in a tweet.
I am pleased to announce that the IMF Board has approved the 6th tranche of their programme for Pakistan, he wrote.
In July 2019, Pakistan and the IMF reached a staff-level agreement on economic policies for a three-year Extended Fund Facility (EFF). Under the agreement, Pakistan was to receive about USD 6 billion for a period of 39 months.
The IMF had pledged to provide support under the EFF programme when Pakistan’s economy was in a critical stage and badly needed assistance to meet the balance of payments challenge.
The IMF provides EFF loan facilities to a country facing serious medium-term balance of payments problems because of structural weaknesses that require time to address.
Compared to assistance provided under the standby arrangement, assistance under an extended arrangement features longer programme engagement to help countries implement medium-term structural reforms and a longer repayment period.
The programme aims to support Pakistan’s policies to help the economy and save lives and livelihoods amid the still unfolding Covid-19 pandemic, ensure macroeconomic and debt sustainability and advance structural reforms to lay the foundations for strong, job-rich and long-lasting growth that benefits all Pakistanis, the report said.
The sixth review was scheduled for January 12, 2022, and later January 28, but was postponed twice on Pakistan’s request to attain more time for implementing IMF conditions.
In order to meet another condition of the IMF, the government had successfully managed to get the State Bank (Amendment) Bill, 2021, cleared from the Upper House of Parliament which was the last stumbling block in reviving the stalled programme.
Following the clearance of the bill, all prior conditions of the Fund had been fulfilled by Pakistan, including the approval of the mini-budget and SBP bill.
The next review (seventh) under the USD 6 billion EFF programme will be due in April 2022. The last and final eighth review is expected to be done in September 2022, Geo News reported.
The programme, after the agreement, had remained largely off track, resulting in disbursements of only USD 2 billion in two years.
Islamabad had accepted the IMF’s conditions to reduce the primary deficit to 0.6 per cent, granting more operational autonomy to the SBP, placing a flexible exchange rate and further tightening the monetary policy.
Pakistan had also already accepted two conditions of the IMF. It increased the electricity prices by Rs 1.68 per unit or up to 14 per cent and also jacked up the petroleum products prices to the new historical level of R. 137.79 per litre.
Terming the BMC budget as ‘Contract and Contractor Driven’, the Aam Aadmi Party today slammed the Shiv Sena led BMC for it’s lack of focus on improving the standard of living of Mumbaikars. That the cash rich BMC is the fountainhead of all corruption in Maharashtra, is an open secret and is validated by the lived experience of 1.5 Crore Mumbaikars.
Despite the massive revenue shortfall, the budgetary estimate for the financial year 2022-23 has been pegged at ₹45,949 crore, which is 17.10% higher than that of the budget for FY 2020-21 (₹ 39,038.83 crore).
Where is this additional money going to come from? As stated by the municipal commissioner, we will be dipping into our reserves, while also taking additional loans, thus further burdening the exchequer, without demonstrated capacity to actually spend it!
“Huge budget outlays mean nothing, when only 48% of last fiscal year 2021-2022 budget was actually utilized. This has been happening year after year, for the past several years, where the BMC has been consistently unable to spend it’s budget outlay, despite making provisions for it.
It speaks volumes of the BMC’s ineptitude and poor capacity to execute projects that have already been budgeted for. We demand that like the Delhi Govt, the BMC must also present an Outcome budget to state what was achieved in the previous year, else this entire announcement is useless”, said Ruben Mascarenhas, Mumbai Working President of the Aam Aadmi Party.
“This budget has nothing for those living in slums, who make up the vast majority of Mumbai’s population. Mumbai has poor physical infrastructure like roads, footpaths, water and sewage lines, degrading natural infrastructure and crumbling social infratructure like education, healthcare and lack of public conveniences.
One would have thought that the recent covid pandemic and its aftermath,would have served as a wake up call to the civic adminstration, but this budget has proved otherwise and is nothing a string of ‘misplaced priorities’
BMC’s allocation to the education department is ₹3370 Crores, which is a mere 7.33% of our budgent and reeks of vast underallocation.Our Govt in Delhi spends 25% of 69000 crores – 16377 crores.
That’s why Delhi’s 17 lakh+ students are thriving, while BMC schools keep closing with less than 3 lakh students left!
BMC has to think beyond these band-aid efforts of fixing a failed system. Why can’t BMC simply replicate, Delhi’s succesful model of Universal Healthcare through Mohalla clinics within 1km, where diagnostic tests and medicines are free, for every Mumbaikar?”, said Preeti Sharma Menon, National Executive member and AAP Mumbai Prabhari.
For the 20th anniversary of international career,started as a child prodigy of Gioconda Vessichelli ,a big concert will take place on 22january 2022 in South America, Aired also in television.
The famous singer Gioconda will be protagonist of an exceptional show and the three tenors and pianist will join her in this concert.
The kermess will see as anchor the daughter of the legendary and one of the most famous composer Demetrio Ortiz , for which Gioconda has recently sung and released 2 songs : “Tus Lágrimas ” and “Mis noches sin ti” with the orchestra of Maestro Sergio Cuquejo .
Beijing has reported its first local omicron infection, according to state media, weeks before the Winter Olympic Games are due to start.
The infected person lives and works in the city’s northwestern district of Haidian and had no travel history outside of Beijing for the past two weeks. The individual experienced symptoms on Thursday and was tested on Friday for COVID-19, officials said in a news conference Saturday during which they confirmed the infection.
The infection comes less than three weeks before the Winter Olympic Games’ opening ceremony on Feb 4., and around two weeks before the start of Lunar New Year celebrations in China.
So far, multiple cities in China have reported omicron infections, including Shanghai, the western city of Xi’an, cities in southern Guangdong province such as Zhuhai and Zhongshan, and the city of Tianjin, which is 30 minutes from Beijing by high-speed rail.
Officials across the country have urged residents to stay in their cities for the new year, instead of traveling back to their hometowns. China has adopted a strict zero-Covid policy, with authorities locking down residential compounds and even entire cities such as Xi’an when a local outbreak has been discovered in an effort to stamp out community transmission.
The Beijing patient’s residential compound and workplace have been sealed off and authorities are mass-testing people linked to either location for the coronavirus. Some 2,430 people had been tested as of Saturday night, according to The Global Times, a state-owned newspaper.
China reported 119 new coronavirus infections on Saturday, of which 65 were domestic cases. The country has reported 104,864 infections since the beginning of the pandemic.
On the 20th Aniversary of her worldwide career started as a child prodigy, the 7 international opera awards winner Gioconda Vessichelli singer from Italy, who has always said India is her second Land as she is spiritual connected to India and she is the inventor and pioneer of BollywoOPERA style, is telling us all her artistic journey.
She is a 360 degrees versatile artist, as she is not only a singer but also an actress and director as she got degrees in Performing arts from University of Rome Italy.
On 22 January 2022 a great concert in honor of her career Aniversary will be held with her as protagonist with the 3 tenors.
We have seen so much about her being the first singer ever in the world to build a fusion between Western and Eastern music and culture theough her BollywoOPERA style created and patented in Delhi. In fact she is the first non Indian woman to receive the Indian woman Award for fusing Bollywood music with Opera music and she has done collaborations with many eminent artists of Indian music (Sukhwinder Singh, Aari Aran, Mika Singh, Salim Sulaiman, Asha Bhosle, Zakir Hussain, Anup Jalota, and many others).
A cordial relation between the Bar and the Bench is absolutely necessary for smooth running of the administration of justice in the courts, the Supreme Court has said.
A bench comprising Justices M R Shah and B V Nagarathna made the observation while disposing of an appeal filed by a lawyer, who had made derogatory comments against a judge of the Uttarakhand High Court.
Noting the conduct of the petitioner advocate, the high court had referred the matter to the Bar Council for taking action against him.
The advocate had approached the top court against the judgement of the high court.
For smooth running of the administration of justice in the courts, a cordial relation between the Bar and the Bench is sine qua non and is a must. No advocate is benefited by unruly behaviour in the Court.
Ultimately it spoils the atmosphere in the court room and ultimately may spoil the case of the litigant and the litigant may have to suffer for no fault of him, the bench said.
The lawyer practising in the Uttarakhand High Court tendered an unconditional apology for what happened before the high court due to which the impugned order came to be passed.
He tendered an unconditional apology and filed an affidavit undertaking before the apex court that in the future no such untoward act shall take place at his behest.
The top court then asked the lawyer to appear before the judge of the high court and tender an unconditional apology and requested the high court to take into consideration the apology.
We are happy to note that the learned single judge has shown the grace and has accepted the unconditional apology tendered on behalf of the petitioner.
By order dated December 24,2021, while accepting the unconditional apology tendered on behalf of the petitioner, the high court has recalled its earlier order, the bench said.
In that view of the matter, no further order is required to be passed by this Court, more particularly, when the learned single judge who has passed the impugned order has now recalled his earlier order by accepting the unconditional apology tendered by the petitioner.
Under the circumstances and in view of the above, the present proceedings shall stand disposed of, the bench said.
Prime Minister Narendra Modi will chair a meeting on Sunday to review the COVID-19 situation in the country as the Omicron variant of the virus fuels a surge in the infection.
Government sources said the meeting is scheduled for around 4:30 PM.
According to the data updated at 8 am on Sunday, a total of 1,59,632 new coronavirus infections were reported, the highest in 224 days, while the active cases increased to 5,90,611, the highest in around 197 days.
On May 29 last year, India had logged 1,65,553 infections in a day.
Places over 200 stickers in North Mumbai to raise awareness about the Shiv Sena’s failure to improve standards of living over the past 30 years*
The Aam Aadmi Party today, bestowed gold medals on Mayor Kishori Pednekar, for her phenomenal work as Mumbai’s first citizen – overseeing the destruction of city’s civic infrastructure and making the citizens’ lives more miserable than ever before. As a part of the campaign called #GoldMedalForMayor, AAP Mumbai Ward Presidents placed stickers with the caption ‘Gold Medal for Mayor’ across the suburbs, at locations which demonstrate how successful our Mayor and the Shiv Sena have been – at being incompetent, unaccountable, and unwilling to address the civic issues that plague our city.
The AAP Mumbai campaign, which witnessed over 200 stickers being placed at various locations in North Mumbai, targeted civic issues which adversely affect the quality of our daily lives – countless potholes, excessive pipeline leakages, open manholes & drains, scattered garbage, broken footpaths, dilapidated vehicles on roads, and many more – representing the BMC’s abysmal failure to fulfill its responsibilities as Mumbai’s civic body. The objective of the campaign was to garner public attention to the inability, and as some might argue, the refusal of our Mayor & the Shiv Sena to make Mumbai cleaner, safer and more liveable for the Aam Aadmi.
“Despite being in power in the BMC for the past 30 years, the Shiv Sena has remained incapable of improving Mumbai’s public toilets, road networks, drainage infrastructure, & solid waste management systems; and turned a blind eye towards the provision of essential public services like healthcare and education. In spite of being the richest civic body in India – with an annual budget of over 39,000 Crores, the BMC has silently watched, while Mumbaikars have continued to struggle due to the ineptitude and callousness of our representatives.” said Gopal Jhaveri, AAP Mumbai leader.
“Corruption in the BMC is at an all-time high, and performance is at an all-time low. Kishori Pednekar deserves a gold medal for being the worst performing Mayor of Mumbai by far. It is our appeal that Mumbaikars choose their elected representatives, keeping in mind the incompetence and apathy that we have all been witness to, for the past 30 years.” said Preeti Sharma Menon, AAP National Executive Member & Mumbai Prabhari.
Hundreds of farmers in tractors started arriving at Ghazipur on the Delhi-Uttar Pradesh border as Friday marked one year of the ongoing farmers’ protest against the central laws.
Many of them brought along vegetables, sacks of flour and lentils, spices and cooking oil on their tractor-trollies, saying they have come prepared for a long haul.
Bhartiya Kisan Union (BKU), an influential farmers’ union from western Uttar Pradesh, has been leading the charge at the Ghazipur border since November last year.
The BKU is part of the Samyukta Kisan Morcha (SKM), a farmers’ collective, which is spearheading the protest for withdrawal of three contentious farm laws and for legal guarantee on minimum support price (MSP) of crops.
It has been a year of unmatched struggle mixed with happiness and sadness. We are fighting and winning. We will fight and win. MSP law is farmers’ right, BKU national spokesperson Rakesh Tikait tweeted in Hindi.
The outfit’s office-bearers claimed the police have been strengthening the barricading at Ghazipur border – both on the Delhi-Meerut elevated highway patch and at the UP Gate down below it — since Thursday, even as they said the crowd would swell at the protest site by evening Friday
We have a meeting of the SKM on Saturday and the future course of our action will be decided only after that.
We have planned a march towards Delhi on November 29, but SKM will take a call about it on Saturday, BKU spokesperson Saurabh Upadhyay said.
He said, Supporters in large numbers started reaching the border early Friday morning and by evening we are expecting over 50,000 people at Ghazipur alone.
A BKU supporter who reached Ghazipur in the morning from Muzaffarnagar on a tractor in a group said they have come to the protest with arrangements for food and accommodation.
It has been a year, the farmers can continue the protest for their rights for several years, the villager, draped in a shawl and a muffler, said.
Hundreds of farmers have been encamped at Delhi’s Ghazipur, Tikri and Singhu borders since November 26, 2020, with a demand that the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, Farmers’ (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 and the Essential Commodities (Amendment) Act, 2020 be rolled back and a new law made to guarantee MSP for crops.
PM Modi had last week announced his government’s decision to withdraw the contentious laws.
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