Gilgit Baltistan Affairs | 22 May 2022

Gilgit Baltistan Affairs | 22 May 2022


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COVID-19 pandemic: IMF brings down Pakistan's development projection for FY2021

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The International Monetary Fund (IMF) has lowered Pakistan’s growth projection by about one percentage point for the current fiscal year driven by weaknesses in the second half of 2020 due to the coronavirus pandemic. Middle East and Central Asia released on Monday said the markdowns in growth during the second half of 2020 are also reflected for Egypt and Pakistan, both countries that lowered their fiscal year 2020/21 (which starts July 2020) projections by about one percentage point, driven by weaknesses in the second half of 2020. Pakistan envisaged GDP growth rate at 1% for the current fiscal year against a negative 0.4% for last financial year 2019/20 that ended on June 30, 2020. IMF’s projection indicates that the economic recovery in the current fiscal year would remain much lower than the expectation of government. Egypt, Jordan, the Kyrgyz Republic, Pakistan, and Tunisia have received emergency assistance under the rapid financing instrument from the IMF, while Afghanista...
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 The dollar was largely unchanged in early European trade Friday ahead of the release of key U.S. inflation data, which could influence Federal Reserve monetary policy thinking into the new year. The euro , seen as vulnerable to a Federal Reserve hike especially if European rate rises lag, dropped 0.4% on Thursday and was steady in Asia at $1.1297. The dollar index , at 96.197, was drifting toward its seventh consecutive weekly rise ahead of the data, which is due at 1330 GMT. Annual price gains of 6.8% are expected and any upside surprise will likely be interpreted as a case for a faster Federal Reserve taper and sooner interest rate rises. Consumer confidence data is also due on Friday and if it holds up could portend even more price pressures ahead. Tom Porcelli said,"Inflation is going to accelerate." RBC Capital Markets' chief U.S. economist, who thinks the annual pace is going to pick up and keep rising to push near 7% early in the new year. He said, "As ...
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Biden talks F16s, raises human rights at meeting with Turkey's Erdogan

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U.S. President Joe Biden told Turkish President Tayyip Erdogan his request for F-16 fighter jets had to go through a process in the United States, while Erdogan said his counterpart was "positive" toward the jet sale. Ties between Ankara and Washington have been strained over a host of issues in recent years, from policy differences in Syria to Turkey’s purchase of Russian S-400 missile systems, human rights and legal matters. The United States has also sanctioned Turkey over the S-400s. Days after the allies narrowly averted a diplomatic crisis over jailed philanthropist Osman Kavala, Biden and Erdogan met on the sidelines of the G20 summit in Rome. Biden also raised the issue of human rights, a U.S. senior administration official told reporters. "President Biden reaffirmed our defense partnership and Turkey’s importance as a NATO Ally, but noted U.S. concerns over Turkey’s possession of the Russian S-400 missile system," the White House said in a statement af...
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Sindh govt seeks army's help in implementation of coronavirus SOPs

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Sindh Chief Minister Syed Murad Ali Shah and PPP Chairman Bilawal Bhutto Zardari had a meeting on Monday at the Bilawal House in Karachi. According to the Bilawal House spokesperson, the chief minister informed Bilawal Bhutto of the COVID-19 situation in the province along with measures taken by the Sindh Health Department to contain the virus. Speaking about the pace of development in the province, CM Murad Ali Shah told Bilawal Bhutto that progress has been largely hampered because of low payments made by the Federal government against Sindh's rightful share. Shedding light on areas where improvements were witnessed, the CM said that the Sindh government has surpassed its own tax collection targets this time. During the meeting, PPP Chairman said that he had instructed the Sindh government to start a recruitment drive for filling vacant positions, adding that all appointments must be made on the basis of merit so that the unemployed youth can benefit from the move. He also...
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