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Pakistan reaches agreement with IMF for 6 bln USD package over 3 years

Pakistan reaches agreement with IMF for 6 bln USD package over 3 years

India Blooms News Service | @indiablooms | 13 May 2019, 04:04 am

Islamabad, May 13 (Xinhua/UNI) The Pakistani government and the International Monetary Fund (IMF) have reached an agreement on a bailout package for Pakistan, Adviser to the Pakistani prime minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh announced on Sunday.

Talking to the Pakistan Television Network (PTV), Shaikh said that the technical teams of Pakistan and the IMF have agreed on a bailout package for a period of three years under which Pakistan would receive 6 billion US dollar assistance.

The advisor said "after months of discussions and negotiations, a staff-level agreement has been reached between Pakistan and the IMF," which still needs approval from the IMF board of directors in Washington, but it shows that effective reforms are underway in Pakistan.

A press release from IMF Mission Chief for Pakistan Ernesto Ramirez Rigo also confirmed the announcement by the Pakistani side as saying that Pakistan's economic policies could be supported by a 39-month Extended Fund Arrangement (EFF) for about 6 billion US dollars.

The IMF official added that the facility aims to support Pakistan's "strategy for stronger and more inclusive growth by reducing domestic and external imbalances, removing impediments to growth, increasing transparency, and strengthening social spending."  

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Erdogan's Turkey turns Hagia Sophia into a mosque again; UNESCO regrets #HagiaSophia, #Turkey, #Istanbul, #HagiaSophiaMosqueAgain Istanbul/IBNS: Hagia Sophia, Turkey's iconic monument, a UNESCO World Heritage and one of the central attractions of its capital Istanbul, is no longer a museum. It has been turned back as a mosque though some 1500 years ago it was built as an Orthodox Christian cathedral. Hagia Sophia was converted into a mosque during the Ottoman time in 1453 while under Ataturk it was turned into a museum in 1935. The decision comes amid a growing rise of the Islamists in Turkey who had been demanding that it be restored as a mosque though Opposition leaders with secular credentials had been against the move. A top court in Turkey ruled that turning it into a museum in 1935 by modern Turkey's secular architect Mustafa Kemal Ataturk was illegal, paving the way for present Turkey president Recep Tayyip Erdogan to declare it as a mosque again and to open it for Muslim prayers. Erdogan made the announcement an hour after the court ruled the conversion to museum in 1935 as illegal and scrapped its status. "May it be beneficial," posted Erdogan on Twitter, sharing an official document on the change with his signature. UNESCO regrets In an immediate reaction, UNESCO said it "deeply regrets" the decision. UNESCO said it was "regrettable that the Turkish decision was not the subject of dialog nor notification beforehand". "UNESCO calls on the Turkish authorities to open a dialog without delay in order to avoid a step back from the universal value of this exceptional heritage whose preservation will be reviewed by the World Heritage Committee in its next session," the United Nation's cultural body said in a statement. Istanbul icon of beauty and wonderment According to Turkey's official tourism website, Hagia Sophia is a remarkable achievement in the history of architecture. and a living proof of mankind's revolt against the laws of physics and it calls it a monument whose importance transcends borders. It is one of UNESCO's World Cultural Heritage sites attracting millions of visitors across the world with its majestic grandeur

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Erdogan's Turkey turns Hagia Sophia into a mosque again 11 Jul 2020, 01:37 pm