Pakistan: Risks attached to IMF increases if caretaker setup extended



International Desk, Barta24.com
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The risks attached to the International Monetary Fund's billion Standby Arrangement (SBA) program to Pakistan will increase as the tenure of caretaker can be extended after the approval of the digital census, The News International reported.

After the Council Common Interests (CCI) meeting “unanimously” approved the digital census 2023 on Saturday, the election is expected to delay which means that caretaker tenure will also extend.

In the existing circumstances, the tenure of the caretaker regime might have to be extended up to six months at least to complete the process of political transition.

Meanwhile, the Cabinet Committee on Energy (CCOE) has approved the revised Circular Debt Management Plan (CDMP) which, after getting approval from the federal cabinet, would be shared with the IMF, as per The News International.

It has been envisaged under the revised CDMP that the quarterly tariff adjustments and fuel adjustments would be charged to consumers in a timely manner after raising the baseline tariff.

There would be no untargeted subsidy for any sector.

When a top government official was contacted, he said the CCOE had granted its approval and it would be shared with the IMF after getting the cabinet’s endorsement.

When asked if the revised CDMP was planned to be shared with the IMF by the end of July 2023, the official said they did not miss any major deadline and it would be shared soon.

IMF has yet to reply to the revised CDMP on the envisaged targets because first, agreement on the targets and then implementation on it will ensure to restrict the monster of circular debt within agreed limits for the current fiscal year, according to The News International.

Now on the IMF front, when the SBA program of USD 3 billion was designed, it was envisaged that it would be completed during the tenure of three different governments. Accordingly, USD 1.2 billion was already released by the Pakistan Democratic Movement-led regime.

It was thought that the first review would be undertaken on the basis of first quarter (July-September) data of different sectors of the economy with the possibility of the Fund dispatching its review mission to Islamabad in the third week of October. If all targets were materialized, then the IMF’s Board might consider approval of a second tranche of USD 700 million in December 2023. It was also envisaged that the second review might be undertaken in February 2024 and the SBA program would be accomplished in March/April 2024.

But as the caretaker PM's tenure is expected to extend then the responsibility for materializing all structural benchmarks, performance criteria and indicative targets might be lying with the interim government and there might be strict monitoring of all the key targets undertaken by the IMF mission.

Even now the Pakistan National Assembly had passed a bill which gives additional power to the caretaker PM including taking important decisions on the economy and engaging with international institutions. This passing of the bill also somehow hints that the caretaker PM's tenure is set to extend.

The full implementation of the IMF program of SBA is essential in order to graduate from the ongoing program and then qualify for another medium-term program of the Fund beyond March/April 2024 in order to remove the vulnerabilities faced by Pakistan on repayment of external loans, The News International reported. (ANI)

   

20 soldiers were killed in an explosion at an army base in Cambodia



International Desk, Barta24.com
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An ammunition explosion at a military base on Cambodia's western border has killed 20 soldiers. Prime Minister Hun Manet said the explosion happened on Saturday afternoon.

Cambodian Prime Minister Hun Manet said on Facebook that the explosion occurred at a military base in Kampong Speu province in western Cambodia.

He said, we are deeply shocked by this. However, the cause of the explosion is not yet known.

Expressing his condolences to the families of the slain soldiers, he said that the funeral expenses of the deceased would be paid.

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Endangered hippos stranded in dry rivers in Botswana amid severe drought



International Desk, Barta24.com , Dhaka
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African countries are suffering from severe drought. A herd of endangered hippos trapped in the mud of a dry reservoir in the drought-stricken African country of Botswana is at risk of dying.

South Africa has been hit by severe drought due to El Nino weather, AFP reported. Crops in the region are under threat, millions of people are starving. Several countries in the region have recently declared national disasters.

Herds of hippos become trapped in dried-up rivers near the vast wetlands of the Okavango Delta in northern Botswana.

Lesego Moseki, spokesman for the Department of Wildlife and National Parks (DWNP) in Botswana's capital Gaborone, said the river system had dried up and the animals were in a compromised situation.

Botswana is home to the world's largest population of hippos living in the wild. According to the International Union for Conservation of Nature (IUCN), there are approximately 2,000 to 4,000 hippos.

Moseki said hippos in Ngamiland (North West District) depend on water flowing through the Okavango Delta system. They are still investigating how many hippos died in the pools.

Hippos have thick but sensitive skin. They need to bathe regularly in water to avoid sunburn and they usually live in humid areas.

Without water they can become aggressive and approach villages. Local authorities have called for the hippos to be relocated to protected areas to avoid conflict with humans.

El Niño is a naturally occurring climate pattern usually associated with global warming, leading to drought in some parts of the world and heavy rainfall in others.

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India has allowed onion export to 6 countries including Bangladesh



International Desk, Barta24.com, Dhaka
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India has approved the export of 99 thousand 150 tons of onions to 6 countries including Bangladesh. Other countries are - United Arab Emirates, Bhutan, Bahrain, Mauritius and Sri Lanka.

This information was given on the website of the Government of India on Saturday (April 27).

It said onion exports were banned to ensure domestic supply due to lower kharif and rabi seasons in the country in 2023-24 compared to the previous year. This increases the demand in the international market. Indian agency National Cooperation Exports Limited (NCEL) exports onions to these countries. They procure onions from internal sources through e-platform at lowest price (L1). Then, on a 100% advance payment basis, the rates are negotiated and supplied to the agencies or government-designated agencies in the destination countries.

NCEL fixes the prices with the buyers taking into consideration the prices of the countries where onion is bought, international and domestic prices. Now the quotas are allocated according to the demand of the countries where onion export is allowed.

Maharashtra is the largest onion producer in India. They are the largest supplier of onions to NCEL for export.

Earlier, Bangladesh had sent a formal letter to the Indian government to allow the export of certain quantities of onion to reduce the price of onion in the country's market during the holy month of Ramadan.

In addition, the country's government has allowed the export of additional 2000 metric tons of white onion. These onions are mainly exported to Middle East and some European countries. Due to the high production cost of white onion, its price is relatively high.

India is the world's largest onion exporter. The country's government had imposed a ban on onion exports till March 31, 2024 in December last year to maintain supply in the domestic market. Later it was extended indefinitely. The new decision to export onions is good news for India's friendly countries.

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We are ashamed to look at the development of Bangladesh: Pakistan PM



International Desk, Barta24.com, Dhaka
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Pakistani Prime Minister Shahbaz Sharif praised the economic progress of Bangladesh and said that they are ashamed to look at the development of Bangladesh.

According to a report by Pakistan-based media Dawn on Thursday (April 25), Shahbaz Sharif said this in a view exchange meeting with business representatives at the Sindh Chief Minister's residence in Karachi on Wednesday (April 24).

He said that before independence, Bangladesh i.e. East Pakistan at that time was considered a burden to the country. But they have made tremendous progress in the growth of industrialization.

Shahbaz Sharif said, I was very young when...we were told that it was a burden on our shoulders. Today you all know where that burden has reached (in terms of economic growth). And now when we look at them, we feel ashamed.

Currently, Bangladesh is ahead of Pakistan in almost all indicators of the socio-economic sector.

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