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☆ South Africa's ruling ANC loses majority in country's most sweeping political shift in 30 years
▼ + stars: | 2024-06-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

South Africa's governing African National Congress lost its parliamentary majority of 30 years, in the country's most sweeping political shift since the end of the apartheid. The six-months-old uMkhonto weSizwe party of the country's former president Jacob Zuma, established in December, clinched 14.6% of votes. The result marks a meteoric fall for ANC from the 57.5% wrested during the previous election of 2019 — at the time, the party's weakest feat since South Africa's first democratic vote in 1994. In 2022, the World Bank named South Africa "the most unequal country in the world." "Top-of-mind issues for voters are unemployment, loadshedding, corruption, and crime, which have all taken a toll on the country's growth performance for years," analysts at Deloitte said at the start of the month.

Persons: Jacob Zuma, Long Organizations: African National Congress, ANC, Democratic Alliance, Marxist Economic, Fighters, World Bank, Deloitte Locations: South Africa

☆ Nelson Mandela’s party has been dealt a seismic election blow. Where does it leave South Africa?
▼ + stars: | 2024-05-31 | by ( Sarah Dean | David Mckenzie | ) edition.cnn.com time to read: +1 min

Johannesburg, South Africa CNN —South Africa’s ruling African National Congress party is set to fall short of a majority for the first time in 30 years after national elections this week, marking the biggest political shift in the country since the end of apartheid. With results in from 90% of voting districts as of 5.10pm ET, support for the ANC was at 41.04%. The official opposition party, the centrist Democratic Alliance (DA), had 21.72% of the vote. Fed-up voters dealt the party of Nelson Mandela a seismic blow at the polls after years of corruption scandals and economic mismanagement. As a result, the ANC will be forced to form a coalition to stay in government.

Persons: Zuma, Nelson Mandela Organizations: South Africa CNN, National Congress, ANC, Democratic Alliance, weSizwe Party, Fighters, Fed Locations: Johannesburg, South Africa

☆ South Africa elections: First results suggest country is in line for biggest political shift since apartheid
▼ + stars: | 2024-05-30 | by ( Sarah Dean | David Mckenzie | ) edition.cnn.com time to read: +2 min

Johannesburg, South Africa CNN —Early results from South Africa’s election suggest the ruling African National Congress (ANC) party could lose its majority for the first time in 30 years. With results in from 13% of polling stations at 10 a.m. local time, support for the ANC stood at 42.5%. In past elections, results from rural areas – where the ANC has major strongholds – have come in later, boosting results for the party. South Africa’s electoral commission has seven days to declare the final results by law. This year, the commission has set Sunday, June 2, as the final results day.

Persons: Jacob Zuma, Zuma, Cyril Ramaphosa – Organizations: South Africa CNN, National Congress, ANC, Democratic Alliance, Fighters, ANC –, CSIR, Independent, EFF, weSizwe Party, South Locations: Johannesburg, South Africa, –, KwaZulu, Natal, Durban

☆ South Africa election 2024: Polls open in what could be most closely contested election since the end of apartheid
▼ + stars: | 2024-05-29 | by ( Sarah Dean | ) edition.cnn.com time to read: +3 min

Johannesburg, South Africa CNN —Millions of South Africans are voting in what is expected to be the most pivotal general election since the end of apartheid. While polling can be challenging in South Africa, most analysts believe that the ANC faces its stiffest challenge yet with a population deeply frustrated by the country’s direction. SOUTH AFRICA GENERAL ELECTION 101 South Africa uses a “proportional representation” system. South Africa is the most unequal country in the world, according to the World Bank. This is the seventh general election South Africa has held since the end of white minority rule 30 years ago.

Persons: Nelson Mandela, Cyril Ramaphosa, ” Ramaphosa, Anders Pettersson, Jacob Zuma’s uMkhonto, Zuma, “, ”, John Steenhuisen Organizations: South Africa CNN, National Congress, ANC, SOUTH, Independent Electoral, South, World Bank . Citizens, Workers, African National Congress, Fighters, Jacob Zuma’s uMkhonto weSizwe Party, Democratic Alliance, Party Locations: Johannesburg, South Africa, SOUTH AFRICA, Africa, Alexandra Township, Benoni

☆ South Africa elections: A guide and everything you need to know
▼ + stars: | 2024-05-22 | by ( Sarah Dean | David Mckenzie | ) edition.cnn.com time to read: +6 min

Johannesburg, South Africa CNN —South Africans go to the polls on May 29 for what will likely be the most pivotal general election since the end of apartheid. This is the seventh general election South Africa has held since the end of white minority rule 30 years ago. South Africa general election 101 • South Africa uses a “proportional representation” system. This year South Africa received its lowest score on Transparency International’s Corruption Perception Index. Democratic Alliance (DA) party leader Johan Steenhuisen speaks to supporters during a party event on May 9, 2024, in Soweto, South Africa.

Persons: Nelson Mandela, Cyril Ramaphosa, Jacob Zuma, What’s, Ramaphosa –, –, “, Ramaphosa, ”, John Steenhuisen, Johan Steenhuisen, Anders Pettersson, Zuma, Julius Malema, Malema, Floyd Shivambu, Steenhuisen Organizations: South Africa CNN, National Congress, ANC, Independent Electoral, •, “, Democratic Alliance, White South, Party Charter, uMkhonto weSizwe Party, Economic, Fighters, EFF, MK, Finance, Constitutional, Social Research Foundation Locations: Johannesburg, South Africa, Africa, China, Cuba, Soweto

☆ The TikTok divest-or-ban bill is a First Amendment disaster, but it may still stand up in court
▼ + stars: | 2024-04-24 | by ( Dan Whateley | ) www.businessinsider.com time to read: +6 min

Maybe…Earlier attempts to ban or force a sale of TikTok often haven't stood up in court. Other parties, like TikTok creators, may launch separate legal challenges in the coming weeks, as they have done in the past. AdvertisementTrump's 2020 order to ban TikTok was halted by a federal judge who said it likely exceeded executive authority. While the bill is framed around forcing US ownership of TikTok, it's likely to result in a ban, which strengthens the free-speech argument. Congress hasn't proven that an outright sale or ban of TikTok is the only way to protect national-security interests.

Persons: Joe Biden, ByteDance, TikTok, haven't, TikTokers, Matthew Schettenhelm, Hans, Lena Shapiro, Ramya Krishnan Organizations: Service, Business, ACLU, Bloomberg Intelligence, Cornell Law School, TikTok, University of Illinois College of Law, Chinese Communist Party, Intelligence Law, CCP, Columbia University Locations: Montana, Texas, Washington, China

☆ Employees are building 'F-you funds' before quitting their jobs. Here's what it means and how to build one.
▼ + stars: | 2024-03-23 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Souffrant set out to save enough so they could cover one year's worth of expenses between Woody's salary and her savings. How to build your own 'F you fund' in 2 stepsAnyone can start an "F you fund" like Soufrrant and Shah did to create more options for themselves. Souffrant kept hers in a high-yield savings account. That way, the money was still accessible but earning more interest than it would if it was sitting in a traditional savings account. If your number is $200 per month, have that amount lifted from your checking account and deposited into your "F you account" each month.

Persons: Jamila Souffrant, Souffrant, Nischa Shah, Nischa Shah Nischa Shah, it's, Shah, Woody Organizations: Business, America, Investment

☆ Searches for VPNs spike in Texas after Pornhub pulls out of the state
▼ + stars: | 2024-03-15 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

“The apparent spike in VPN searches in Texas shows that these types of age verification laws aren’t just unconstitutional, they’re also silly and ineffective,” Greer said. “Similar search spikes have been reported after other states passed age verification laws, which EFF opposes,” said Hudson Hongo, a spokesperson for the group. It also highlights the running debate in statehouses nationwide about how and whether governments can require websites to perform age verification. It requires adult websites to implement “reasonable age verification” methods to ensure that pornography is not being distributed to minors. The 5th Circuit court’s latest decision formally lifts the injunction against the Texas law.

Persons: Pornhub, “, VPNs, ”, Evan Greer, they’re, ” Greer, Hudson Hongo, ” Pornhub, David Alan Ezra, Ezra, Ken Paxton Organizations: CNN, Texas, Pornhub’s, Google, Texans, Frontier Foundation, EFF, Court, Western, Western District of, Circuit, “ Locations: Texas, China, Russia, Turkey, Montana , Utah, Virginia, statehouses, Western District, Western District of Texas

☆ US Supreme Court prepares to hear landmark social media cases
▼ + stars: | 2024-02-25 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Monday’s Supreme Court showdown in NetChoice v. Paxton and Moody v. NetChoice will determine whether states can forbid social media companies from blocking or removing user content that goes against platform rules. The Florida and Texas laws are broadly written, but officials from both states say the laws will keep social media sites from unfairly silencing conservatives. Social media platforms have insisted for years that they don’t discriminate against right-wing speech. It also allows individual social media users to sue platforms if they believe they have been unfairly censored or “deplatformed.”Florida Gov. The NetChoice cases reflect a deep divide in how many people see social media.

Persons: Paxton, Moody, Ron DeSantis, Florida’s, Carl Juste, Greg Abbott, Donald Trump, Biden, David Paul Morris, “, ”, ” David Greene Organizations: Washington CNN, Facebook, YouTube, Social, Gov, Florida Gov, Miami Herald, Texas ’, Circuit, Republican, Texas, Bloomberg, Getty, Frontier Foundation, EFF, CNN, Freedom, Press Locations: Texas, Florida, . Texas, NetChoice, Miami, Walnut Creek , California

☆ Why dragging tech CEOs in front of Congress might mean something this time
▼ + stars: | 2024-02-01 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But his consistent criticism of some of the real issues happening in Big Tech has sometimes reminded me of a classic Clickhole headline: "Heartbreaking: The Worst Person You Know Just Made a Great Point." Section 230 is controversial and has become a rallying point for some conservatives and others, who think it allows Big Tech to hide from criticisms that it isn't fair to all sides. Clearly, these big platforms haven't succeeded — sometimes motivated by a whole bunch of internal factors, including profit. AdvertisementBut if there were some magic bullet to stop child exploitation, I truly believe the companies would've used it by now.

Persons: —, Sen, Josh Hawley, Hawley, Mark Zuckerberg, flay, Sundar Pichai, Zuckerberg, Utah Sen, Orrin Hatch, Zuckerberg blinked, Meta, sextortion, Marsha Blackburn, Wednesday's, there's Organizations: Service, Big Tech, Republican, Business, Twitter, Google, Facebook, Street, Meta, ACLU, Electronic Frontier Foundation Locations: Big, Missouri, Utah, Florida, Tennessee

☆ Amazon’s Ring to shutter video-sharing program popular with police
▼ + stars: | 2024-01-24 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Authorities seeking Ring surveillance videos must now submit a formal legal request to the company, rather than soliciting footage directly from users through the app, Ring said in a blog post Wednesday. Hundreds of law enforcement agencies have struck up partnerships with Ring, according to a tracker maintained by the consumer advocacy group Fight for the Future. But, he warned, it would not necessarily stop police from continuing to persuade Ring users to voluntarily give up their rights. Police are able to contact Ring users off the app. And Ring users can still decide if they want to voluntarily send video, sounds or images from their Ring devices to law enforcement.

Persons: ”, Evan Greer, Matthew Guariglia, Guariglia, didn’t, Ring, Massachusetts Democratic Sen, Ed Markey, “, enforcement’s Organizations: CNN, “, Electronic Frontier Foundation, Police, Fraternal, of Police, EFF, Massachusetts Democratic Locations: Massachusetts

☆ British zoo has new plan to rehabilitate its potty-mouthed parrots
▼ + stars: | 2024-01-23 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

London CNN —A British wildlife park has hatched a new plan to rehabilitate its potty-mouthed parrots after they unleashed a tide of expletives. Back in 2020, five foul-mouthed African gray parrots, donated to Lincolnshire Wildlife Park in eastern England, were isolated from the flock in an attempt to improve their language. “We’ve put eight really, really offensive, swearing parrots with 92 non-swearing ones,” he said. If the new strategy works, the eight parrots could learn “all the nice noises like microwaves and vehicles reversing” that the other parrots in the flock favor, Nichols added. In fact, historically, “we did hear a lot more customers swearing at parrots than we did parrots swearing at customers,” Nichols said.

Persons: London CNN —, Eric, Sheila –, Steve Nichols, “ We’ve, ”, Nichols, “ it’s, they’re, ” Nichols, hasn’t, “ I’ve, “ I’m, they’ll Organizations: London CNN, CNN, grays, African grays Locations: British, Lincolnshire, England

☆ A financial freedom expert explains why you should have an 'FU fund' in addition to an emergency fund — and how it helped her quit her job before 40
▼ + stars: | 2023-12-21 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

When Jamila Souffrant found out she was pregnant with her third kid, she was working a full-time corporate job while building her financial freedom blog and brand. To set herself up to walk away from corporate America, Souffrant started ramping up her "FU fund," which she describes as "an emergency savings fund on crack." Souffrant set out to save enough where they could cover one year's worth of expenses between Woody's salary and her FU fund. AdvertisementFor about a year, Souffrant decreased her contributions to her retirement savings and investment account to beef up her FU fund, which she kept in a high-yield savings account. Souffrant encourages anyone who is pursuing financial independence to build an FU fund.

Persons: Jamila Souffrant, Souffrant, ramping, Woody, wouldn't, she's Organizations: Service, Business Locations: America

☆ S.African lawmakers vote to suspend diplomatic ties with Israel, shut embassy
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Supporters of South Africa's ruling African National Congress (ANC) and various political parties including civil society groups gather in solidarity with the Palestinian people outside the Israeli embassy in Pretoria, South Africa, October 20, 2023. REUTERS/Siphiwe Sibeko/File Photo Acquire Licensing RightsCAPE TOWN, Nov 21 (Reuters) - South African lawmakers voted on Tuesday in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations until a ceasefire is agreed in its war with Palestinian Islamist group Hamas in Gaza. The Israeli embassy did not immediately respond to a request for comment. On Monday, the Israeli ambassador in Pretoria was recalled to Tel Aviv for consultations ahead of the vote, which on Tuesday was resoundingly adopted by a 248-91 margin. Reporting by Wendell Roelf; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Siphiwe, Cyril Ramaphosa's, resoundingly, Nelson Mandela, Pemmy Majodina, Wendell Roelf, Mark Heinrich Our Organizations: National Congress, ANC, REUTERS, Palestinian, Hamas, Court, Fighters, EFF, Nations, Thomson Locations: Pretoria, South Africa, Gaza, Tel Aviv, Israel, Africa, Hamas

☆ At Dubai Design Week, an architect created a space for humans and pigeons to share
▼ + stars: | 2023-11-10 | by ( Manav Tanneeru | Arya Jyothi | ) edition.cnn.com time to read: +5 min

Among them, Dubai-based Syrian Ahmad Alkattan has created a cocoon-style intimate outdoor social space where designers can “hatch” their ideas. Alkattan’s design is part of the annual Dubai Design Week and won first place in its Urban Commissions competition, which invites designers and architects to develop innovative outdoor furniture. This year, more than 30 designs for installations submitted for DDW have been built in the city’s Design District. Dubai Design WeekAhead of the upcoming COP28 climate conference in Dubai, the theme for this year’s design week emphasizes sustainable practices and materials. “So [the competition] is a very relevant project not just for what is staged in Dubai Design Week, but where we can see this in the future.”Designest is Alkattan’s third attempt at winning the Urban Commissions category.

Persons: Ahmad Alkattan, “ Designest, Alkattan, Designest, “, I’ve, Mette Degn, Christensen, DDW, it’s, ”, Abdalla, TEE VEE, Degn Organizations: CNN, Design, Dubai Design, DDW, Mitsubishi, Tea Locations: Dubai, Dubai —, Venice, Arabi, UAE

☆ Why Meta, X and TikTok face more pressure from Europe than the U.S. on Israel-Hamas war disinformation
▼ + stars: | 2023-10-13 | by ( Lauren Feiner | ) www.cnbc.com time to read: +6 min

Days after the Israel-Hamas war erupted last weekend, social media platforms like Meta , TikTok and X (formerly Twitter) received a stark warning from a top European regulator to stay vigilant about disinformation and violent posts related to the conflict. In that case, the AGs argued that the Biden administration was overly coercive in its suggestions to social media companies that they remove such posts. In the U.S., "we can't have government officials leaning on social media platforms and telling them, 'You really should be looking at this more closely. Under the DSA, large online platforms must have robust procedures for removing hate speech and disinformation, though they must be balanced against free expression concerns. A series of letters from New York AG Letitia James to several social media sites on Thursday exemplifies how U.S. officials may try to walk that line.

Persons: Thierry Breton, Breton, Elon Musk, Biden, David Greene, they're, Kevin Goldberg, Goldberg, Christoph Schmon, Greene, New York AG Letitia James, James Organizations: Digital Services, Republican, AGs, White, Federal Bureau of, Electronic Frontier Foundation Civil, Freedom, EFF, DSA, New York AG, Google, CNBC, YouTube, EU's, Twitter Locations: Israel, U.S, New, Europe

☆ IMF team to begin meeting officials in Ukraine
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The IMF said last week its mission had begun its second review of a $15.6 billion multi-year loan program for the country. The four-year programme for Kyiv is part of a $115-billion global package to support the economy as Ukraine battles Russia's invading forces. "An IMF team, led by Uma Ramakrishnan, Deputy Director of the Fund's European Department, starts meetings today in Kyiv with the Ukrainian authorities and other stakeholders," Stepanyan said in a statement. "The high-level engagement will focus on policy goals and challenges in the context of Ukraine’s program supported by the IMF Extended Fund Facility (EFF) Arrangement."

Persons: Yuri Gripas, Vahram Stepanyan, Uma Ramakrishnan, Stepanyan, Pavel Polityuk, Hugh Lawson Organizations: Monetary Fund, REUTERS, Rights, IMF, Fund's European Department, Fund, Thomson Locations: Washington , U.S, Ukraine, Russia, Kyiv

☆ The CEO of Verge Genomics shares how she's overcome gender and age biases in biotech by showing people 'there can be a new way of doing things'
▼ + stars: | 2023-08-17 | by ( Josée Rose | ) www.businessinsider.com time to read: +15 min

In the latest Equity Talk, she shares how she's overcoming biases in the VC and biotech fields. Verge Genomics works with data derived from brains and spinal cords donated by people after they die. That's really been helpful because they don't necessarily see the same kind of questions. But I think part of that is just showing them that there can be a new way of doing things. I think that's an area where naivete can be a benefit, when you have big technological hurdles to overcome.

Persons: Alice Zhang, Zhang, it's, It's, That's, I've, we're, I'm, who's, There's, Alice, aren't, they're, that's unarguable, — Organizations: Genomics, Morning, Verge Genomics, Eff, pharma, Tech

☆ Complaints about Elon Musk's giant light-up 'X' sign accused the company of creating a 'massive nighttime nuisance' and showing 'zero respect' for its neighbors
▼ + stars: | 2023-08-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

San Francisco got 24 complaints about the giant light-up sign on X's HQ, CNN reported. San Francisco's Department of Building Inspection got 24 complaints about the giant light-up "X" sign Elon Musk placed on the headquarters of the company formerly known as Twitter, the department's spokesperson told CNN. "That new 'X' sign looks really unstable and sketchy," one complaint reads. A crane was used to remove some of the letters from the old sign on the company's San Francisco HQ. The notice ordered X to stop the work and either obtain a building permit for the sign or dismantle it, which also requires a building permit.

Persons: Elon Musk's, Elon Musk, Musk, Justin Sullivan Organizations: CNN, Morning, San Francisco's Department, Twitter, San Francisco, ., of Locations: Francisco, San Francisco

☆ How to save San Francisco
▼ + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +18 min

But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. Paul Chinn/The San Francisco Chronicle via Getty ImagesThis is just a matter of good old-fashioned supply and demand. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.

Persons: Nobody's, I've, It's, it's, who'd, Paul Chinn, nix, aren't, rafter, Tayfun, Francis Wood, fixable, Berkeley, Adam Rogers Organizations: Liberal, Homelessness, Bay Area, Pride, Black Panthers, Washington Monthly, San Francisco, Getty, SF, Supervisors, Crafts, Planners, Foods, Anadolu Agency, Walgreens, Nordstrom, Unit Locations: San Francisco, Bay, Francisco, California, Black, Los Angeles, Boston , New York, Washington, United States, Barcelona, Paris, St, Barbary, Hong Kong, Mexico City, Angeles, Houston, Helsinki, East, Treasure, Emeryville

☆ San Francisco’s ‘doom loop’ is a warning for every American city. Here’s how we can fix it — before it’s too late.
▼ + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +18 min

If you want to rile up a San Francisco native, mention the doom loop. But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.

☆ Factbox: What Pakistan needs to do under the IMF programme
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

KARACHI, Pakistan, June 30 (Reuters) - The International Monetary Fund and Pakistan have struck a staff-level agreement for the provision on $3 billion in bailout funds under a stand-by arrangement (SBA). The deal comes under an SBA instead of Pakistan's Extended Fund Facility (EFF) programme that the country entered in 2019 and which was set to expire on Friday. MORE FUNDING- Despite the larger than expected IMF bailout, the agreement stressed that Pakistan will have to continue to mobilise multilateral and bilateral financial support. Over $9 billion in climate-related pledges were made to help Pakistan recover from devastating floods in 2022. - Pakistan needs $22 billion to fund its external payment obligations, including international debt servicing, in the financial year 2024, that starts on Saturday, July 1, and ends on June 30, 2024.

Persons: Gibran Peshimam, Raju Gopalakrishnan Organizations: Monetary Fund, SBA, IMF, EFF, United Arab Emirates, Thomson Locations: KARACHI, Pakistan, Saudi Arabia, China

It is not the end of our relationship with the IMF though, as the SBA is a short-term bridging operation. GARETH LEATHER, SENIOR ASIA ECONOMIST AT CAPITAL ECONOMICS, LONDON"The agreement of a loan deal between Pakistan and the IMF should put the economy back on a more secure footing and limit the biggest downside risks. There is a strong risk that Pakistan reneges on the deal once the immediate crisis has passed. Our target shall be that the next IMF programme should be the last one and it would be a great opportunity to correct our fiscal account once and for all." "Things would have been much better if successive governments would have invested in completing the IMF programme.

Persons: MURTAZA SYED, GARETH, Shehbaz Sharif, ABDUL ALEEM, SHERANI, SHAHBAZ ASHRAF, MAHA RAHMAN, ZAFAR MASUD, MUSTAFA PASHA, SHAHID HABIB, ARIF HABIB, ZULQARNAIN, MOHAMMED SOHAIL, AHFAZ MUSTAFA, ISMAIL IQBAL, SAJID AMIN JAVED, Ariba Shahid, Shilpa Jamkhandikar, Raju Gopalakrishnan Organizations: Monetary Fund, South, IMF, BANK OF PAKISTAN, SBA, State Bank, EFF, Capital, UL HAQ, OF PUNJAB, Pakistan, ARIF, Thomson Locations: Pakistan, ASIA, KARACHI, ISLAMABAD, LAHORE, PAKISTAN

☆ Pakistan's last-gasp IMF bailout as it happened
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

-Nov 2023: Pakistan, IMF begin virtual engagement for the ninth review of the loan programme. -Jan 2023: Pakistan reiterates commitment to completing the IMF programme in a meeting on the sidelines of a climate conference in Geneva. -Feb 2023: Pakistan, IMF decide to resume talks virtually on steps needed to secure an agreement for the ninth review. -May 2023: IMF mission chief says continuing to work with Pakistani authorities to bring the ninth review to conclusion once necessary financing is in place. -June 26, 2023: Pakistan's central bank raises its benchmark interest rate by 100 basis points to 22% at an emergency meeting days before IMF programme expires.

Persons: Imran Khan, Shehbaz Sharif, Miftah Ismail, Ishaq Dar, Pakistan's, Kristalina Georgieva, Ariba Shahid, Tanvi Mehta, Raju Gopalakrishnan Organizations: International Monetary Fund, IMF, Pakistan, SBA, EFF, Thomson Locations: KARACHI, Pakistan, Geneva, Paris, Pakistan's, Karachi, New Delhi

ISLAMABAD, June 25 (Reuters) - Pakistan's parliament on Sunday approved the government's 2023-24 budget which was revised to meet International Monetary Fund conditions in a last ditch effort to secure the release of more bailout funds. The IMF in mid-June expressed dissatisfaction with the country's initial budget, saying it was a missed opportunity to broaden the tax base in a more progressive way. The revised budget was approved a day after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. There are five days to go before the $6.5 billion Extended Fund Facility (EFF) agreed in 2019 expires on June 30. The IMF has to review whether to release some of the $2.5 billion still pending to Pakistan before then.

Persons: Ishaq Dar, Raja Pervaiz Ashraf, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, Emelia Sithole Organizations: Sunday, International, Fund, IMF, Thomson Locations: ISLAMABAD, Pakistan, Paris

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