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Friday, 7 April 2023
IPL 2023: मिश्रा जी तुस्सी ग्रेट हो! 40 में दिखाई 20 साल जैसी फुर्ती, पहले लपका कैच, फिर 4 गेंद में पलटा मैच
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Pakistan Needs To Repay $77 Billion Debt To China, Saudi Arabia By 2026: Report
Pakistan needs to repay a whopping USD 77.5 billion in external debt from April 2023 to June 2026 and the cash-strapped country may face "disruptive effects" if it ultimately defaults, a prominent US think tank has warned.
The analysis published on Thursday by the United States Institute of Peace (USIP) warned that amid skyrocketing inflation, political conflicts, and rising terrorism, Pakistan is facing the risk of a default due to its massive external debt obligations, the Geo News reported on Friday.
Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.
The USIP report called the USD 77.5 billion that Pakistan needs to repay in external debt from April 2023 to June 2026 a "hefty amount" for a USD 350 billion economy.
It stated that if Pakistan ultimately defaults, there will be a "cascade of disruptive effects".
In the next three years, the debt-struck country has to make major repayments to Chinese financial institutions, private creditors and Saudi Arabia.
From April to June 2023, Pakistan faces near-term debt repayment pressure as the external debt servicing burden is USD 4.5 billion, the report said.
According to the report, substantial repayments are due in June, when a USD 1 billion Chinese SAFE deposit and a roughly USD 1.4 billion Chinese commercial loan would mature.
Pakistani authorities hope to convince the Chinese to refinance and roll over both debts, the report said, noting that the Chinese government and commercial banks have done so in the past.
Even if Pakistan manages to meet these obligations, the next fiscal year will be more challenging as the debt servicing will rise to nearly USD 25 billion, the report said.
Pakistan is awaiting a much-needed USD 1.1 billion tranche of funding from the International Monetary Fund, originally due to be disbursed in November last year.
The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.
The IMF programme, signed in 2019, will expire on June 30, 2023, and under the set guidelines, the programme cannot be extended beyond the deadline.
Pakistan and the IMF have been negotiating the programme's resumption for months but have yet to reach an agreement.
There is no easy solution available to fix the ailing economy of Pakistan, and the government is of the view that they have taken all the tough decisions for reviving the stalled IMF programme.
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VIDEO: PSL में गेंदबाजों को जमकर कूटा, IPL में टीम को लूटा! सबसे महंगे खिलाड़ी की 4 गेंद में निकली हवा
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Suspect In Kerala Train Fire Sent To 11-Day Police Custody
A court here on Friday granted 11-day police custody of the man who started a fire onboard a train in Kerala that left three people dead and many injured on April 2.
Kozhikode First Class Judicial Magistrate granted 11-day custody of the prime suspect Shahrukh Saifi, who was discharged from the medical college here after undergoing treatment for the injuries he suffered during an attempt to escape from the moving train.
The 18-member Special Investigation Team (SIT) took custody of the accused, who was produced before the court under heavy police protection, for further interrogation, a senior police official told PTI.
Earlier in the day, the Magistrate reached the hospital and remanded the accused for 14 days in judicial custody.
A medical board, which met today concluded that Saifi's injuries were not serious, and discharged him.
Meanwhile, Kerala Chief Minister Pinarayi Vijayan visited the bereaved families of the three victims and handed over a compensation of Rs five lakh each.
Investigating officers, including ADGP (Law and Order), M R Ajith Kumar, and other senior officials today briefed the CM about the progress made in the investigation.
Addressing media, Mr Kumar said the accused was arrested with the cooperation of various investigating agencies.
"This a special case which warranted a combined investigation. The Kerala police and other related agencies worked together to catch the accused. The credit goes to the joint effort taken by Kerala police and other investigating agencies. We are probing all angles in the case," Mr Kumar said.
He further said the investigating agencies had received a tip-off that the accused was in Ratnagiri, Maharashtra and a team of police was dispatched to take him into custody.
"We cooperated with the Maharashtra police team and other investigation agencies to capture him and transport him here. Based on the nature of the case, we need a detailed and comprehensive investigation into this case," he said.
On the night of April 2, the suspect had set fire to passengers after pouring petrol on them when the train reached Korapuzha bridge near Elathur in Kozhikode. Nine people suffered burn injuries and are undergoing treatment at various hospitals.
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IPL 2023: CSK के खिलाफ कायरान पोलार्ड ने बनाया धांसू प्लान, MI के बल्लेबाजों को दी सिर्फ एक सलाह
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"Release Them": Relatives Of Gaza Hostages Break Into Israeli Parliament Panel
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A 14-year-old boy has been arrested and charged in the stabbing death of a New York university student, authorities said Saturday, in a case...
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By TARIQ PANJA from NYT Sports https://ift.tt/2NYmVbV