Pakistan Prime Minister Shehbaz Sharif has said it is a matter of shame that a country, which is a nuclear power, has to beg amid its faltering economy, reported The News International.
Addressing the passing-out ceremony of probationary officers of Pakistan Administrative Service (PAS) on Saturday, Shehbaz said it really embarrassed him to ask for further loans, adding that seeking foreign loans was not the right solution to address Pakistan's economic challenges as loans would have to be returned. He said that during his recent visit to the United Arab Emirates (UAE), President Sheikh Mohammed bin Zayed had announced a further $1 billion loan to Pakistan.
Speaking on the occasion, PM Shehbaz also lauded Saudi Arabia for its financial support, reported The News International.
Meanwhile, Pakistan is mulling approaching friendly countries, especially Saudi Arabia, for additional deposits on an immediate basis in a bid to bridge financing until things are finalised with the International Monetary Fund (IMF), sources told The News International.
Government sources said that Saudi authorities are 'studying' the prospect of further deposits to Pakistan amid the foreign exchange reserves crunch. A senior official at the Finance Ministry said the uncertain political situation was impeding the decision-making process, making it difficult for policymakers to make hard choices needed for the revival of the IMF programme, according to the report.
Official sources told the publication that the government does not have much time to act as foreign exchange reserves held by the State Bank of Pakistan (SBP) are depleting at a rapid pace. As of January 6, the foreign exchange reserves held by the SBP stood at just $4.3 billion.
Commercial banks' foreign currency reserves stood at $5.8 billion, taking the country's cumulative reserves to around $10.18 billion. SBP's reserves have dropped by $12.3 billion in the last 12 months; from $16.6 billion on January 22, 2022, to $4.3 billion on January 6, 2023.
A few days back, Shehbaz hinted that the IMF review mission might visit Pakistan, but it is yet to happen, reported The News International.
Experts say there is a lack of understanding on moving ahead and the situation has reached a point and only action with a clear-cut vision can avert the crisis.
Moreover, the government's strategy to get dollar inflows from friendly countries and utilise them as bridge financing until the IMF programme is revived has so far failed.
Friendly countries like Saudi Arabia, have been studying the possibility of an additional USD 2 billion deposit, but it is not yet clear how much time they will take to make the decision, reported The News International.
The United Arab Emirates (UAE) also agreed to roll over USD 2 billion in existing deposits but nothing specific about the additional USD 1 billion deposit request was mentioned in a joint statement issued at the conclusion of the PM's visit to the country.
Notably, the IMF's review mission's visit is not yet confirmed due to the government's inability to take unpopular decisions, including hiking gas and electricity tariffs and taking additional taxation measures.
The tough measures taken by the government could only pave the way for the completion of the pending 9th Review under the Extended Fund Facility (EFF), reported The News International.
(PTI)
Clifford had previously pleaded guilty to the murders of BBC sports commentator John Hunt’s wife and two daughters at their home in northwest of London, in July 2024. (Photo: Hertfordshire Police /Handout via REUTERS)
Crossbow murderer found guilty of raping ex-girlfriend
A 26-YEAR-OLD man who murdered three women in a crossbow and stabbing attack has been found guilty of raping one of them, his ex-girlfriend, a British court ruled on Thursday.
Kyle Clifford had previously pleaded guilty to the murders of BBC sports commentator John Hunt’s wife and two daughters at their home in Bushey, northwest of London, in July 2024.
The attack led to a manhunt before Clifford was found injured hours later in a north London cemetery.
A jury at Cambridge Crown Court on Thursday convicted Clifford of raping 25-year-old Louise Hunt before killing her.
His sentencing for all the crimes is scheduled for Tuesday.
Clifford had admitted to murdering Carol Hunt, 61, and her daughters Louise and Hannah, 28. He had also pleaded guilty to charges of false imprisonment and possessing offensive weapons but denied raping Louise.
During the trial, the court heard that after killing Carol Hunt, Clifford waited for an hour before attacking Louise, tying her up, raping her, and then killing her with a crossbow. He later killed Hannah when she returned home from work.
The prosecution described Clifford, a former soldier, as committing a "violent, sexual act of spite" and said he was "enraged" after Louise ended their 18-month relationship. They told the court that he had "carefully planned" the attack.
Less than 24 hours before the killings, Clifford had searched for a podcast by social media influencer Andrew Tate, according to the prosecution. They argued that the murders were driven by the "violent misogyny promoted" by Tate.
Justice Joel Bennathan called Clifford’s crimes "dreadful" and "almost unspeakable".
(With inputs from AFP)