#imf news Pakistan

[shreemetalprices]

Pakistan’s finance minister announced on Friday that the United Arab Emirates had officially committed $1 billion in financial support, overcoming a significant obstacle to receiving a long-awaited bailout tranches from the Global Monetary Fund (IMF).

[jobaaj]

🔴BREAKING NEWS: Pakistan’s economy is in danger! It might not get the new IMF loan!! 🤔 What happened?

▪ Pakistan was working towards securing a new $6-8 billion IMF loan to stabilize and grow its economy sustainably.

▪ IMF officials had recently left Pakistan with positive feedback, making the chances of obtaining the new loan appear high.

▪ However, Pakistan might not receive this loan. Recent discussions ended without resolution due to a disagreement between the Pakistani government and the IMF.

🧐 Why?

▪ The IMF required Pakistan to implement several challenging measures in exchange for the loan, such as increasing taxes and cutting subsidies.

▪ However, the Pakistani government has disagreed with the IMF on new tax rates and a higher GST mandate.

▪ Firstly, the Pakistani government is unwilling to impose a standard sales tax rate of 18% on agriculture and health sector goods.

▪ Next, the IMF wants the Pakistani government to merge the tax slabs between salaried individuals and non-salaried (i.e., business owners) individuals and increase the maximum tax rate to 45%.

😲Interestingly:

▪ The IMF seems to want the Pak govt. to increase the burden on the salaried class until it can recover greater taxes from the non-salaried.

▪ However, the govt. claims that this would cripple the middle class, who pay taxes on gross income unlike non-salaried who deduct expenses!

▪ Without meaningful funding, Pakistan’s economy, which has somehow survived, will not last. ❓Should the middle class pay more for the country? Can Pakistan survive without IMF assistance?? Follow Jobaaj Stories (the media arm of Jobaaj.com Group for more)

[pakistanweekly]

IMF approves £796 million for Pakistan

PM Shehbaz Sharif went to the World Monetary Gathering in Riyadh where he examined another advance program with IMF Overseeing Kritalina Georgieva. The IMF additionally valued Pakistan's approach and financial measures to accomplish the objectives under the backup game plan. The Money Priest has not unveiled the genuine sum government is looking for, has given desires to get a staff-level settlement on the new program by early July.

"The payment will get more financial soundness Pakistan," Sharif said in an explanation from his office, adding that the backup plan was significant in saving the South Asian country from defaulting on its outside liabilities.

The subsidizing was the second and last tranche of Pakistan's £2.3 billion backup game plan with the IMF which it tied down the previous summer to assist with deflecting a sovereign default.

The monetary position kept on reinforcing with an essential overflow of 1.8 percent of Gross domestic product accomplished in the principal half of the financial year, on target to accomplish an essential excess of 0.4 percent of Gross domestic product.

"Macroeconomic circumstances have worked on throughout the span of the program," it said in an explanation, adding that 2% development was normal in the ongoing monetary year finishing on June 30, given proceeded with recuperation in the last part.

The public authority is looking for a new, bigger long haul Broadened Asset Office (EFF) concurrence with the IMF. The Money Pastor Muhammad Aurangzeb said the public authority will get a staff-level settlement on the new program by early July.

The point of procuring this credit is to assist with accomplishing macroeconomic soundness and execute extremely past due and excruciating primary changes. Despite the fact that Aurangzeb has declined to share the sum the public authority is looking for. The conventional solicitation is yet forthcoming yet the Asset and the public authority are now in conversations. Whenever got, it would be Pakistan's 24th IMF bailout.

The £278 billion economy faces a persistent equilibrium of installments emergency, with almost £19 billion to reimburse under water and premium throughout the following monetary year - multiple times more than its national bank's unfamiliar cash saves.

Pakistan's money service anticipates that the economy should develop by 2.6 percent in the monetary year finishing off with June, while normal expansion for the year is projected to remain at 24%, down from 29.2 percent the past financial year.

The IMF said the expansion, while still raised, proceeded to decline, and, with fittingly close, information driven financial approach kept up with, was supposed to stretch around 20% by end-June. To move Pakistan from adjustment to a solid and feasible recuperation, specialists need to proceed with their strategy and change endeavors, it added.

[headlinehorizon]

IMF and Pakistan Reach Preliminary Agreement for $700 Million Bailout Fund

Read the latest news on Pakistan's economic recovery as they secure a much-awaited agreement with the IMF, unlocking $700 million from a $3 billion bailout fund.

[shaktiknowledgeblog]

china taiwan news | china news | Pakistan | IMF | sri lanka | pakistan | pakistan news | imf chief economist

Pakistan got shocked by this act of China and got IMF help for Sri Lanka like this The way has been cleared for this debt-ridden country to get a relief package of $ 2.9 billion from the International Monetary Fund (IMF). Pakistan, which is suffering from poverty and inflation, has high hopes for its friend China. China has a huge debt to Pakistan, which it is demanding concession. But by showing…

[interlagosed]

About to dox myself a little. Please be gentle.

My country, Pakistan, is drowning. A third of Pakistan is at risk of being deluged by massive floods. 1000+ people have been killed, countless others displaced. We have the highest number of glaciers outside the poles, and because of climate change, they’re melting. The knock-on effect is unspeakable—and yet we must speak of it. Tragedy upon tragedy, especially against our poor and most marginalized, and it feels ceaseless.

Pakistan is just one of many countries who will be—who are being—disproportionately affected by climate change. We need international solidarity and we need radical change. Climate change is here, it is happening, it has been happening. The developed world owes developing countries on a moral level; corporations have bloody hands; the neoliberal economic order has stricken us with debts that are choking us; and through it all, we must—cruelly—battle for air against so many other people and causes who deserve equal attention, equal outrage, equal concern. That is not the world we deserve. That is not the world that will save us from climate change. We need to reimagine what a just world will look like. We need to build global, truly global, solidarity. And in the meantime, we need reparations.

If you can, please consider donating to one of these relief efforts.

To learn more:

https://twitter.com/southasiaindex/status/1563185381876842496?s=21&t=FGyKVZQnqv_-eVRO-GnIvQ

https://twitter.com/baytalfann/status/1564185095510032389?s=21&t=FGyKVZQnqv_-eVRO-GnIvQ

https://www.theguardian.com/world/2022/aug/29/damage-to-main-roads-hampers-pakistan-flood-relief-effort

https://www.theguardian.com/world/2022/aug/29/pakistan-floods-plea-for-help-amid-fears-monsoon-could-put-a-third-of-country-underwater

https://www.dawn.com/news/1707372/death-toll-reaches-1136-across-country-as-flood-threat-lingers-in-kp

Remember: Laws will not save the world; people will save the world.

[afloweroutofstone]

This is big: the US government gave the military government of Pakistan a pass on violating human rights and delaying democratic elections in exchange for weapon shipments for Ukraine. As part of the deal, the country was locked into an IMF austerity agreement

Secret Pakistani arms sales to the U.S. helped to facilitate a controversial bailout from the International Monetary Fund earlier this year, according to two sources with knowledge of the arrangement, with confirmation from internal Pakistani and American government documents. The arms sales were made for the purpose of supplying the Ukrainian military — marking Pakistani involvement in a conflict it had faced U.S. pressure to take sides on. The revelation is a window into the kind of behind-the-scenes maneuvering between financial and political elites that rarely is exposed to the public, even as the public pays the price. Harsh structural policy reforms demanded by the IMF as terms for its recent bailout kicked off an ongoing round of protests in the country. Major strikes have taken place throughout Pakistan in recent weeks in response to the measures. The protests are the latest chapter in a year-and-a-half-long political crisis roiling the country. In April 2022, the Pakistani military, with the encouragement of the U.S., helped organize a no-confidence vote to remove Prime Minister Imran Khan. Ahead of the ouster, State Department diplomats privately expressed anger to their Pakistani counterparts over what they called Pakistan’s “aggressively neutral” stance on the Ukraine war under Khan. They warned of dire consequences if Khan remained in power and promised “all would be forgiven” if he were removed. Since Khan’s ouster, Pakistan has emerged as a useful supporter of the U.S. and its allies in the war, assistance that has now been repaid with an IMF loan. The emergency loan allowed the new Pakistani government to put off a looming economic catastrophe and indefinitely postpone elections — time it used to launch a nationwide crackdown on civil society and jail Khan. “Pakistani democracy may ultimately be a casualty of Ukraine’s counteroffensive,” Arif Rafiq, a nonresident scholar at the Middle East Institute and specialist on Pakistan, told The Intercept.

[sourcreammachine]

✨My Favourite Moments of 2024!✨

uk prime minister keir starmer resigns in disgrace after accidentally referring to a trans woman by her correct pronouns

elon musk attempts to prove the safety of the tesla truck by letting mitch mcconnell drive. both men die within seconds of entering the vehicle

in response to worldwide famine, the World Food Programme appoints taylor swift as its director-for-life

the IDF continues carpetbombing occupied gaza after the ghosts of hamas are spotted. all gazans are required to evacuate into a shallow grave

the conclave repeatedly fails to elect a new pope, causing a schism. one conclave elects some italian bishop you’ve never heard of while the other conclave elects agent Q

the IMF buys pakistan

donald trump wins the republican primary carrying 60 states, 14 countries, and 8 circles of hell. during his victory broadcast from prison he suffers what it clinically described as a MegaStroke, removing his ability to move and speak. he declares one of his busty nurses to be his running mate and leads biden by 30 points

following the death of musk twitter is divided by gavelkind amongst multiple rival warlords

joe biden finally finishes his 13th genocide, winning a bet he made with obama

after it retreats from ukraine and georgia, putin personally murders every single member of the russian army. he is reelected in a landslide

his holiness the ayatollah ali khamenei dies peacefully of old age surrounded by his loving family and a grieving nation. days later he is found in a disused oil pipeline hiding from protesters while off his tits on heroin, and is dragged through the streets and beaten to death

the largest war in human history erupts in africa, costing dozens of millions of lives. it is a slow news day at the UN

president millei attaches argentina to the dollar. the us economy immediately crashes and undergoes apocalyptic hyperinflation, the dollar becoming the first currency to have a negative value. the only surviving american industry is joe biden ��i did that’ stickers

the PLA begins its amphibious invasion of taiwan. the war claims the lives of one million PLA soldiers, ending within 20 minutes when the generals learn that tanks can’t swim

donald trump wins the us presidential election carrying all 100 states. during his victory broadcast from the intensive care unit, he suffers what is clinically described as a Heart Apocalypse, rupturing every single artery in his body and leaving him as pile of blood and gore. the supreme court rules that despite being, quote, “the most dead person ever recorded”, he is still eligible to be president. he and vp-elect Busty Nurse will be inaugurated on 20 january

due to a weird loophole, elon musk’s trans daughter inherits his entire estate. she immediately uses all her wealth to found a mutually-owned food distribution network, ending world hunger

the switch 2 still doesn’t have fucking analogue triggers

[zvaigzdelasas]

22

[rjzimmerman]

Excerpt from this story from EcoWatch:

According to a new analysis by the International Institute for Environment and Development (IIED), more than $100 billion of developing countries’ debt could be made available to spend on nature restoration, protecting ecosystems like rainforests and coral reefs and climate change adaptation.

The research is part of IIED’s “hidden handbrakes” campaign, designed to reveal and explain unseen obstacles to climate action.

“Many of the countries most threatened by rising temperatures have huge debt burdens, and are forever paying interest to wealthier nations that have contributed much more to the climate crisis,” said Laura Kelly, IIED’s director of research group Shaping Sustainable Markets, in a press release from IIED.

Kelly explained that enormous amounts of money are going to fund big polluters in a way that is fundamentally unfair.

“Money that could help restore damaged ecosystems and protect vulnerable communities from floods or drought is instead flowing to banks and polluters in the rich world,” Kelly said. “The IMF and World Bank should recognise that the current way of lending just doesn’t work for people or the planet. Our broken financial system must move on from colonialist, 20th-century thinking if it’s going to serve everyone fairly.”

IIED, a nonprofit based in the United Kingdom, looked at the likelihood of debt-for-nature exchanges in some of the 49 developing countries most vulnerable to defaulting on external debts, according to available data.

Estimates from the World Bank and International Monetary Fund (IMF) were used as the basis for the analysis, reported Reuters. The figures showed that the countries owed a total of $431 billion to the IMF, wealthier nations and hedge and pension funds.

Countries that could benefit from the debt-for-nature exchanges included Sri Lanka, Pakistan and The Gambia, which Kelly said was at “huge risk” of rising sea levels and needed to invest in wetland preservation and flood prevention.

When an agreement is reached between a nation and its creditors, part of the debt owed can be forgiven in exchange for reaching “specific, measurable and traceable” results in nature or climate projects, IIED said.

[fatehbaz]

We must understand the journey [...]. [T]he kings and queens of Europe [...] said that those Black or Brown or Indigenous [...], they could be exploited. [...] In the case of the UK, [...] [i]t was the profits of slavery, slave products which built the universities, that financed the inventions, the canals, the banks like Barclays Bank, the Bank of England [...] to send wealth back to the North. [...]. So [...] what it does is it creates the world  as we know it, and then [...] the anti-colonial struggles of the forties, fifties and sixties begin to challenge it. [...] So no longer did you need guns and rifles and gunboats. You could control economies by the power of [...] trade rules [...]. And we see that today with unsustainable debt repayments, [...] corporations taking profits out of the Global South and bringing it back to the banks and corporations in the Global North. So in reality, this logic of racialized capitalism, colonialism, imperialism, is still apparent today. And it's the same logic. [...] [T]here has been an attempt, and it's been largely led by international institutions such as the World Bank and the IMF, to create a narrative that over the last 30, 40 years, that somehow because of development or globalization, we've seen a reduction in poverty and inequality in the Global South. This is the classic trickle-down.  [...]

It's the fact that this is all legal. This is legally done.

We've created both a global tax system, a global trade system, and then a punitive system managed by institutions like the IMF and the World Bank and the WTO, which punishes countries if they challenge that logic, and if they, for example, decide to prioritize their own people.   [...]

---

So in Pakistan, as we know, 33 million people have been displaced by a climate flood -- when they are responsible for less than 1% of global emissions. [...] But Pakistan, for every 100 that the Government raises in tax revenue, it pays 83 of those [...] back out in debt repayments.

And what you've seen increasingly is country after country being trapped in this cycle of needing to beg for more debt-creating loans to pay the last debt-creating loans, and each of those loans coming with conditions.

Recently, Sri Lanka was unable to pay its debt. There have been huge protests on the streets of Sri Lanka, by movements, as people were unable to afford food, even kerosene to cook with [...]. People were unable to get to the hospital. The government was telling people to eat less, not to eat three meals a day. [There was] a huge uprising of people and the government that was in power fled; the new government, which was imposed in Sri Lanka, went to the IMF and said, we want to negotiate restructuring our loan, because once you default on your loan, the way our economic system is set up, you will be punished. Because every bank, every corporation, wants their debt repayments. So people are forced to go back to the IMF.

And the IMF told Sri Lanka, we will give you another loan, if you do three things: you cut your public expenditure -- so the very money that you need on public services -- second, you weaken your labor laws -- [they] don't want unions being strong in [Sri Lanka] -- and thirdly, you have to privatize what's left of your utility. Which were operating for the interests of the Sri Lankan people. They want them now to be put onto the open market and, like many countries in the Global South, the main drivers of our economy, are actually not in the hands of either our governments or our peoples, they are still controlled by the same Western multinationals.

---

Now, if we had a picture, if we could show two maps, we could show a map  of the colonial world and the influence of the different countries of Europe on the different parts of the world, and the commodities that were drawn from those countries, to feed back to supply chains, to feed consumption and the industrial processes in the Global North.

But if you did the same map right now, you'd see the exact same commodities flowing from the Global South to the Global North, because countries were forced to and [told,] you will provide and produce this commodity because we want it, not because it's needed by your people [...]. It’s because you will grow cotton, you will grow coffee, you’ll export oil [...].

---

All text above are words of Asad Rehman. As interviewed by Kamea Chayne. Transcript published as “Asad Rehman: The End of Imperialism in a Radical Green New Deal (Ep378).” An episode of the podcast Green Dreamer. 25 October 2022. [Bold emphasis and some paragraph breaks/contractions added by me.]

[stele3]

https://www.cnn.com/politics/live-news/supreme-court-decisions-06-30-23/index.html

https://apnews.com/article/france-police-shooting-nanterre-nahel-9ec58a1219c943b9dd09c41db405c41b

https://www.africanews.com/2023/06/30/un-security-council-ends-mali-peacekeeping-mission/

https://www.cbsnews.com/news/brazilian-president-bolsonaro-barred-by-courts-from-elections-until-2030/

https://www.aljazeera.com/news/2023/6/30/why-did-pakistan-need-the-imf-deal-what-does-it-need-to-do-now

https://www.nhc.noaa.gov/graphics_ep2.shtml?start#contents

https://peoplescdc.org/2023/06/26/peoples-cdc-covid19-weather-report-2/

https://www.msn.com/en-gb/news/world/exclusive-ukraine-brings-first-charges-for-deporting-kherson-orphans/ar-AA1dfHH5