World
Pakistan says IMF approved revival of huge loan programme
The transfer will launch $1.17bn in funds to the cash-strapped nation, Pakistan’s Finance Minister Miftah Ismail says.
The Worldwide Financial Fund (IMF) board has accepted the seventh and eighth critiques of Pakistan’s bailout programme, Finance Minister Miftah Ismail mentioned, which can launch $1.17bn in funds to the cash-strapped nation.
Ismail additionally mentioned the IMF agreed to increase the programme by a 12 months and increase the funds by $1bn.
The cash can be a lifeline to the South Asian nation, presently affected by devastating floods, whose overseas change reserves have fallen to ranges that cowl solely a month of exports and whose economic system has wrangled with an infinite present account deficit and excessive inflation.
“The IMF Board has accepted the revival of our EFF program. We must always now be getting the seventh & eighth tranche of $1.17 billion,” Ismail mentioned on Twitter.
Alhamdolillah the IMF Board has accepted the revival of our EFF program. We must always now be getting the seventh & eighth tranche of $1.17 billion. I wish to thank the Prime Minister @CMShehbaz for taking so many powerful selections and saving Pakistan from default. I congratulate the nation.
— Miftah Ismail (@MiftahIsmail) August 29, 2022
The IMF’s resident consultant in Islamabad didn’t instantly reply to a request for remark.
The help comes as “Pakistan’s economic system has been buffeted by adversarial exterior circumstances because of spillovers from the struggle in Ukraine, and home challenges”, mentioned IMF Deputy Managing Director Antoinette Sayeh in a press release.
“Steadfast implementation of corrective insurance policies and reforms stay important to regain macroeconomic stability, deal with imbalances and lay the inspiration for inclusive and sustainable progress,” she mentioned.
Pakistan’s 36-month, $6bn Prolonged Fund Facility programme, which it entered in 2019, has been stalled since earlier this 12 months because it struggled to satisfy targets set by the lender.
The board was scheduled to take up Pakistan’s critiques in a gathering on Monday.
The brand new settlement follows months of deeply unpopular belt-tightening by the federal government of Shehbaz Sharif, who took energy in April and has successfully eradicated gas subsidies and launched new measures to broaden the tax base.
Ismail mentioned authorities efforts to get the programme again on monitor by way of painful corrective financial measures had saved Pakistan from default.
The go-ahead from the IMF board will open different multilateral and bilateral avenues of funding for Pakistan, which have been awaiting a clear invoice of well being from the lender.
Pakistan is determined for worldwide assist for its economic system, which suffers from poor income assortment and dwindling overseas reserves to pay its crippling debt.
The brand new authorities has slashed a raft of subsidies to satisfy the calls for of world monetary establishments however dangers the wrath of an voters already struggling below the burden of double-digit inflation.
A brand new coalition authorities – which got here to energy after former Prime Minister Imran Khan was eliminated by a parliamentary no-confidence vote – has mentioned it would make the powerful selections wanted to show the economic system round.
Successive administrations blame their predecessors for the nation’s financial woes however analysts say the malaise stems from a long time of poor administration and a failure to deal with endemic corruption and widespread tax avoidance.
Underneath the deal agreed with the IMF final month, coverage priorities included steadfast implementation of the finances to scale back the necessity to borrow.
Pakistan additionally agreed to proceed energy sector reforms, introduce a proactive financial coverage to deal with inflation, strengthen governance, fight corruption and enhance the social safety web.
However the IMF warned authorities ought to stand able to take any extra measures vital.
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World
Russian forces capture former British soldier fighting for Ukraine in Kursk: report
Russian forces captured a former British Army soldier who was fighting with Ukrainian troops in the Kursk region, according to reports on Monday.
In a video, the prisoner of war was sitting on a bench with his hand restrained as he identified himself as 22-year-old James Scott Rhys Anderson.
Russia’s Tass news agency reported on Monday that Russian security officials confirmed a British mercenary had been captured in the Kursk area.
“I was in the British Army before, from 2019 to 2023, 22 Signal Regiment,” Anderson told Russian authorities while being recorded. “Just a private. I was a signalman. One Signal Brigade, 22 Signal Regiment, 252 Squadron.”
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He expressed regret for joining Ukraine in its fight against Russia, explaining he had nearly lost everything.
When he left the military, he got fired from his job and applied on the International Legion (of Ukraine) webpage.
“I had just lost everything. I just lost my job. My dad was away in prison. I see it on the TV,” Anderson said while shaking his head. “It was a stupid idea.”
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The International Legion for Defense of Ukraine was created at the request of Ukrainian President Volodymyr Zelenskyy after Russia’s full-scale invasion of the country in February 2022.
The Associated Press reported that the Legion is a unit of Ukraine’s ground forces that mainly consists of foreign volunteers.
Anderson reportedly served as an instructor for Ukrainian troops and was deployed to the Kursk region against his will.
In the video, he said his commander took his stuff — passport, phone and other items — and ordered him to go to the Kursk region.
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“I don’t want to be here,” Anderson said.
The AP could not independently verify the report, but if confirmed, it said this could be one of the first publicly known cases of a Western national getting captured on Russian soil while fighting for Ukraine.
The U.K. Embassy in Moscow told the wire officials were “supporting the family of a British man following reports of his detention” though no other details were provided.
Anderson’s father, Scott Anderson, told Britain’s Daily Mail that his son’s Ukrainian commander informed him the young man had been captured.
The senior Anderson also said his son served in the British military for four years, worked as a police custody officer, and then went to Ukraine to fight. He told the paper he tried to convince his son not to join the Ukrainian military, and now fears for his safety.
“I’m hoping he’ll be used as a bargaining chip, but my son told me they torture their prisoners, and I’m so frightened he’ll be tortured,” he told Britain’s Daily Mail.
While being questioned, the younger Anderson talked about how he got to Ukraine from Britain, saying he flew to Krakow, Poland from London Luton. From there, he took a bus to Medyka in Poland, which is on the Ukrainian border.
Anderson’s capture comes amid reports Russia is recruiting hundreds of Yemeni men to fight in its war in Ukraine by luring them to Russia under false pretenses in coordination with the Houthi terrorist network, as reported by the Financial Times.
A senior Ukrainian defense official told Fox News that Moscow is trying to involve as many foreign mercenaries as possible in its war against Ukraine, whether from its allies or proxies in poor, impoverished countries.
The Ukrainian Ministry of Defense similarly confirmed the report to Fox News and said, “Russi[a] has escalated this war twice recently. First, when they brought North Korean fighters, and second, when they used [a] ballistic missile in Ukraine.”
Fox News Digital’s Caitlin McFall and Nana Sajaia, as well as The Associated Press contributed to this report.
World
German FM questions if DHL plane crash was 'hybrid incident'
A cargo plane crashed into a house on its approach to Lithuania’s Vilnius Airport on Monday morning, killing one crew member and injuring others.
Authorities search for answers as they continue their investigation after a Boeing 737 cargo plane crashed into a house near Vilnius Airport in Lithuania on Monday morning.
The DHL cargo plane operated by Swiftair, departing from Leipzig in Germany, crashed while approaching the airport in Lithuania’s capital. A Spanish crew member was killed, and three other people on board were rushed to the hospital, one of them is in critical condition. No one on the ground was reportedly injured.
Speaking on the sidelines of the G7 Foreign Ministers’ meeting in Italy, Germany’s Foreign Minister Annalena Baerbock raised the question of whether the plane crash was a hybrid attack.
“We have to say at this point that we and our Lithuanian partners must now seriously ask ourselves whether this was an accident or, after last week, another hybrid incident. That shows what volatile times we are living in in the middle of Europe,” she said.
Lithuanian officials said one line of inquiry would examine Russian involvement but stressed that no evidence exists yet.
Last month, Western security officials warned that Russian military intelligence may be carrying out sabotage acts against nations in retaliation for their support to Ukraine.
Darius Jauniškis, the chief of Lithuania’s Intelligence, mirrored these concerns and said terrorism cannot be ruled out: “The State Security Department, together with the Department of Operational Services, have warned that these things are possible in the future. We see Russia becoming more aggressive.”
He added that however for now, “we really cannot make any attributions or point fingers at anyone, because there is no information about it.”
Lithuanian Defence Minister Laurynas Kasčiūnas said, “According to the information I have at the moment, I can say that there are no confirming facts that this was some kind of sabotage or terrorist incident. But the investigation will answer all the questions.”
The General Commissioner of the Lithuanian Police, Arūnas Paulauskas, chose not to speculate and said the cause of the crash might be the result of a technical failure or a human error. “But we are not aviation experts here to discuss this matter in such detail,” he added.
Paulauskas confirmed that investigators have visited the hospital, and will talk with the aircraft’s police and other aviation officials when they get the chance.
“As far as I know, the investigators have gone to the hospital. If there is an opportunity to communicate with the aircraft’s pilots to determine the initial causes, as well as with officials responsible for civil aviation.”
Experts say communication with Air Traffic Controller seemed ‘normal’
Several aviation experts who spoke to local media said they noticed nothing out of the ordinary when they listened to the communication between the crew and the Air Traffic Controller (ATC) that was shared online.
Aviation expert Vidas Kaupelis said it seemed there was “routine communication between the air traffic controller and the pilot”.
“They didn’t declare any emergency situation, they didn’t speak of any technical failures or fires,” the expert added.
The Chief of the Aircraft Accident and Incident Investigation under Ministry of Justice, Laurynas Naujokaitis, said German and Spanish investigators are due to arrive in Lithuania to assist local authorities with the probe.
“Currently we have an answer that a German safety probe institution is sending four investigators, Spain safety probe institution is sending two,” he said. “We are still gathering information regarding technical maintenance, meteorological, navigation and qualification information.”
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