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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

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

[1/2] Pakistan Prime Minister Shehbaz Sharif meets with managing director of the International Monetary Fund (IMF), Kristalina Georgieva, in Paris, France June 22, 2023. Press Information Department (PID)/Handout via REUTERSJune 22 (Reuters) - Pakistan's Prime Minister Shehbaz Sharif on Thursday briefed International Monetary Fund's managing director Kristalina Georgieva on the economic outlook of the cash-strapped South Asian nation, hoping for the release of critical stalled funds. Under the $6.5 billion EFF's 9th review, concluded earlier this year, Pakistan has been trying to secure $1.1 billion of funding that has been stalled since November. "The Prime Minister expressed the hope that the funds allocated under the IMF's EFF would be released as soon as possible," said a statement from his office. Pakistan has defended the budget, but at the same time offered to review it in any further talks with the IMF.

Persons: Shehbaz Sharif, Kristalina Georgieva, Sharif, Asif Shahzad, Shilpa Jamkhandikar, Sudipto Ganguly, Christina Fincher Organizations: Pakistan, International Monetary Fund, Press Information Department, REUTERS, Pakistan's, Monetary, Global Financing, EFF, Thomson Locations: Paris, France, Pakistan, Islamabad

June 15 (Reuters) - The International Monetary Fund (IMF) on Thursday expressed dissatisfaction with Pakistan’s recently presented budget, a blow for the cash-strapped country which has only two weeks left until its bailout programme expires. However, the draft FY24 Budget misses an opportunity to broaden the tax base in a more progressive way," Esther Perez Ruiz, the IMF's resident representative for Pakistan, said in a text message to Reuters. "The new tax amnesty runs against program’s conditionality and governance agenda and creates a damaging precedent," added Perez Ruiz. She said that measures to address the energy sector’s liquidity pressures could be included alongside the broader budget strategy. Added Perez Ruiz: "The IMF team stands ready to work with the government in refining this Budget ahead of its passage," implying the country still has a chance to unlock its ninth IMF board review prior to the end of the EFF programme.

Persons: Pakistan’s, Esther Perez Ruiz, program’s, Perez Ruiz, Bharat Govind Gautam, Jonathan Oatis, Matthew Lewis Organizations: Monetary Fund, IMF, Fund, FX, Staff, Reuters, EFF, Thomson Locations: Pakistan, Bengaluru, Shahid, Karachi

☆ America's best bet for banning TikTok would have terrible side effects
▼ + stars: | 2023-04-19 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +7 min

As talk of a TikTok ban builds, the leading legislation with bipartisan support is the RESTRICT Act. Here's why the RESTRICT Act has some people so worried — and what the experts say might be a better approach. The type of data TikTok collects is similar to what Facebook or Twitter collect from its users. What would actually solve the concerns about the Chinese government getting US user data is comprehensive data privacy legislation, he and other experts said. "What we're saying is that if you're concerned about the Chinese government getting user data from TikTok," Greene said.

BUENOS AIRES, March 31 (Reuters) - The International Monetary Fund (IMF) approved Argentina's fourth review under its $44 billion loan program on Friday, unlocking the disbursement of $5.4 billion to the indebted country, the lender said in a short statement. The country's central bank foreign reserves jumped by $2.5 billion on Friday versus a day earlier, data from the bank showed. That reflected the new IMF funds minus $2.7 billion of repayments Argentina had to make to the lender on Friday. A central bank source told Reuters the funds had arrived and been reflected in reserve levels. Reporting by Jorge Otaola, Rodrigo Campos and Jorgelina do Rosario; Writing by Adam JourdanOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, March 31 (Reuters) - The International Monetary Fund said on Friday its executive board approved a four-year $15.6 billion loan program for Ukraine, part of a global $115 billion package to support the country's economy as it battles Russia's 13-month-old invasion. The Extended Fund Facility (EFF) loan is the first major conventional financing program approved by the IMF for a country involved in a large-scale war. Ukraine's previous, $5 billion long-term IMF program was canceled in March 2022 when the fund provided $1.4 billion in emergency financing with few conditions. The latest loan is expected to unlock about $100 billion worth of additional international support for Ukraine. An IMF official said the $115 billion package includes the IMF loan, $80 billion in pledges for grants and concessional loans from multilateral institutions and other countries, and $20 billion worth of debt relief commitments.

☆ Republicans are starting to split over exactly how — and whether — to ban TikTok
▼ + stars: | 2023-03-30 | by ( Bryan Metzger | Eliza Relman | ) www.businessinsider.com time to read: +7 min

Republicans generally support banning TikTok, but they're beginning to disagree on how. Sen. Rand Paul has also come out against a TikTok ban, blocking a bill from Sen. Josh Hawley. But even among Republicans who favor a TikTok ban, there are growing concerns about the RESTRICT Act — arguably the most prominent proposal put forward to deal with the issue. "So, I think we should ban TikTok. "It's worse than banning TikTok, because it can be applied to lots of other companies," said Paul.

☆ Utah governor signs bill requiring teens to get parental approval to join social media sites
▼ + stars: | 2023-03-23 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

As part of the bill, called the Utah Social Media Regulation Act, social media platforms will have to conduct age verification for all Utah residents, ban all ads for minors and impose a curfew, making their sites off limits between the hours of 10:30 p.m. - 6:30 a.m. for anyone under the age of 18. The bill will also require social platforms to give parents access to their teens’ accounts. “Social media provides a lifeline for many young people, in addition to community, education, and conversation,” said Jason Kelley, director of activism at the EFF. Given that the bill is unprecedented, it’s unclear how exactly the social media companies will adapt. Inouye said minors could “steal” identities – such as from family members who don’t use social media – to create accounts that they can access and use without oversight.

☆ South African rand weakens ahead of anti-government protest
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 20 (Reuters) - The South African rand weakened against the dollar on Monday ahead of planned protests by the Marxist Economic Freedom Fighters (EFF) party. At 0743 GMT the rand traded at 18.4350 against the dollar, 0.16% weaker than its previous close. South African security forces on Monday said 87 people had been arrested over the past 12 hours over public violence. The Marxist Economic Freedom Fighters (EFF) party has called for a national shutdown to protest crippling power cuts and demand the resignation of President Cyril Ramaphosa. "This constitutes a risk event for the country and could harm sentiment on South African markets if the outcome is bad," ETM Analytics said in a note.

CNN —Sri Lanka on Monday secured a much-anticipated loan of about $3 billion from the International Monetary Fund (IMF) as the South Asian nation navigates its worst financial crisis in decades. The deal, nearly a year in the making, will aim to “restore macroeconomic stability and debt sustainability” and “unlock Sri Lanka’s growth potential,” the IMF said in a statement. In July last year, President Ranil Wickremesinghe said Sri Lanka is “bankrupt,” adding negotiations with the IMF were “difficult.”Monday’s loan approval will provide much-needed respite for the nation as it faces an uphill climb to revive its flailing economy. The IMF will immediately disburse an initial $333 million to Sri Lanka, with more funds to follow in the coming months. “For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical,” IMF managing director Kristalina Georgieva said in a statement.

☆ South African authorities arrest 87 ahead of anti-government protest
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 20 (Reuters) - South African security forces said on Monday that 87 people had been arrested in the last 12 hours across the country over public violence ahead of planned protests by the Marxist Economic Freedom Fighters (EFF) party. The EFF has called for a national shutdown to protest crippling power cuts and demand the resignation of President Cyril Ramaphosa. The party's main constituency are the poor and working class Black South Africans who feel left out of the country's prosperity since the governing African National Congress (ANC) ended white minority rule in 1994. Parliament said in a statement on Sunday that the South African military would deploy 3,474 troops for a month until April 17 to prevent and combat crime in cooperation with the police. "Law enforcement officers are on high alert and will continue to prevent and combat any acts of criminality," NatJOINTS said.

☆ IMF approves nearly $3 bln bailout for Sri Lanka
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

March 20 (Reuters) - The International Monetary Fund (IMF) on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the country's presidency said the program will enable it to access up to $7 billion in overall funding. The decision will allow an immediate disbursement of about $333 million, the IMF said, and will spur financial support from other partners, potentially helping Sri Lanka emerge from its worst financial crisis in over seven decades. IMF Managing Director Kristalina Georgieva said Sri Lanka also needs to undertake various reforms. "For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical," Georgieva said in a statement. Sri Lanka President Ranil Wickremesinghe's office said in a statement that the IMF program will help improve the country's standing in international capital markets, making it attractive for investors and tourists.

☆ South Africa's EFF marches to demand president's resignation
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

[1/5] Members of the political party, Economic Freedom Fighters (EFF), gather at Church Square after calling for a "National Shutdown" and demanding resignation of President Cyril Ramaphosa in Pretoria, South Africa March 20, 2023. REUTERS/Alet PretoriusJOHANNESBURG, March 20 (Reuters) - Thousands marched through the streets of South Africa's cities on Monday to demand that President Cyril Ramaphosa resign, as security forces guarded malls and roads to prevent violence and looting. The Marxist Economic Freedom Fighters (EFF) party, whose supporters are mainly poor and working class Black South Africans who feel marginalised since the governing African National Congress (ANC) ended white minority rule in 1994, had called for a national shutdown. South African security forces said on Monday that 87 people had been arrested in the last 12 hours over public violence ahead of planned protests. Parliament said in a statement on Sunday that the South African military would deploy 3,474 troops for a month until April 17 to prevent and combat crime in cooperation with the police.

Finance Minister Ishaq Dar had said last week that the external financing assurance was not one of the IMF's conditions for clearance of the funding. Pakistan has completed almost all other measures needed except for the external financing requirement, officials say. Dar said last week that Pakistan will need $5 billion external financing to close its financing gap this fiscal year ending June 30, adding the IMF believed it should be $7 billion. Dar said hoped more external financing will be coming as Pakistan signs the IMF deal this week. Ruiz noted that the difference in foreign exchange rates between the open and informal markets has been very damaging for Pakistan, resulting in shortages of foreign exchange and consequently imported goods.

The bank raised its standing deposit facility rate and standing lending facility rate by 100 basis points each to 15.50% and 16.50%, respectively, it said in a statement. The country is awaiting approval of a $2.9 billion IMF bailout package as it endures its worst financial crisis since independence from Britain in 1948. The central bank raised rates by a record 950 basis points last year to tame inflation and then kept them steady until Friday's 100 basis point increase. "There have been some differences between the CBSL and IMF staff on the inflation outlook," the Central Bank of Sri Lanka (CBSL) said in its statement. But depends on whether the market reads this as positive for getting IMF (bailout) in March."

[1/4] South African President Cyril Ramaphosa speaks during his 2023 state of the nation address in Cape Town, South Africa, February 9, 2023. "We are in the grip of a profound energy crisis," Ramaphosa said in his annual State of the Nation Address to parliament. State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes. Declaring a national state of disaster gives the government additional powers to respond to a crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. Ramaphosa said on Thursday he would appoint a minister of electricity within the presidency to focus solely on the crisis.

[1/2] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. At the end of 2020, China EximBank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," China's letter said. DEBT SUSTAINABILITYIn a letter directly addressed to the IMF, India said last week that the financing or debt relief provided by Export-Import Bank of India would be consistent with restoring debt sustainability under the IMF-supported program.

Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. According to the letter, the Export-Import Bank of China said it was going to provide an extension on the debt service due in 2022 and 2023 as an immediate contingency measure based on Sri Lanka's request. At the end of 2020, China EXIM bank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," the letter said. Sri Lanka's foreign and finance ministries did not immediately respond to questions from Reuters.

[1/2] A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023. REUTERS/Siphiwe SibekoSummarySummary Companies Power cuts to become less severe from TuesdayDepends on generators returning to service as plannedEskom tells politicians power cuts to continue into 2024JOHANNESBURG, Jan 16 (Reuters) - South Africa's state-owned power utility Eskom said it would shorten power cuts from Tuesday morning as 14 generators come back on tap this week, but electricity shortages look set to continue at least into 2024. The past week has seen some of the worst power cuts on record in Africa's most industrialised nation, at least six hours a day for most households and often as much as 10 hours. The company implemented power cuts on more than 200 days last year, the most in a calendar year. The utility said it had procured an additional 50 million litres of diesel, which would be used to manage pumped storage dam levels and limit power cuts.

☆ Egypt commits to IMF to slow projects, increase fuel prices
▼ + stars: | 2023-01-10 | by ( Patrick Werr | ) www.reuters.com time to read: +2 min

Among its pledges is one to slow investment in public projects, including national projects, so as to reduce inflation and conserve foreign currency, without specifying where cuts might fall. The IMF board of directors approved the 46-month Extended Fund Facility (EFF) on Dec. 17. Egypt's pound has been allowed to fluctuate more than before since its third devaluation in less than a year last week. Under the facility, the IMF will provide Egypt with about $700 million in the fiscal year that ends in June. Reporting by Patrick Werr, Editing by Aidan Lewis and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Pro-Putin operatives in Germany work to turn Berlin against Ukraine
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +17 min

Now the main Russian Cossack organisations are loyal to Putin, and they are fighting alongside Russia’s forces in Ukraine. He is regularly pictured on his and other social media pages at Cossack gatherings, often wearing Cossack military uniform. Felk has worked as a security guard and has run a logistics firm, according to posts on Felk’s OK social media account. Photos shared by Kharkovsky on social media show him and other participants standing in front of a Great Don Army flag. Eremenko confirmed to Reuters that he worked for Russian military intelligence, the GRU.

☆ IMF executive board approves $3 bln Egypt extended arrangement
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amr Abdallah DalshCAIRO, Dec 17 (Reuters) - The International Monetary Fund (IMF) executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion, the fund said in a statement. The package, Extended Fund Facility (EFF), includes a flexible exchange rate regime and enhanced social safety nets to protect the vulnerable, the statement said. It is expected to catalyse additional financing of about $14 billion, including investments, from Egypt’s international and regional partners, the statement said. It also provides for upfront monetary policy tightening and fiscal consolidation. Reporting by Mahmoud Mourad; Writing by Patrick Werr; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistan, IMF begin talks on $7 bln loan review
▼ + stars: | 2022-11-28 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

"The IMF understands that the floods have changed the macroeconomic assumptions on which the programme was designed," the ministry told Reuters. Pakistan reserves stood at $7.8 billion as of Nov. 18, barely enough to cover imports for a month. ARY News reported on Monday that the IMF had asked Pakistan to reduce expenses before talks on the ninth review. The ninth review has been pending since September. The IMF told Reuters last week that finalisation of a recovery plan from the floods was essential to support discussions, along with continued financial support from multilateral and bilateral partners.

☆ Croatia school trash-talking Canada
▼ + stars: | 2022-11-27 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

DOHA, Nov 27 (Reuters) - After an opening loss to Belgium, coach John Herdman had boldly predicted that Canada, who had not won a single World Cup game or even scored a goal, was "gonna eff Croatia" the 2018 finalists. While Canada may have been humbled, Herdman remained unbowed making no apologies for his incendiary remarks beyond grudgingly admitting he could have been a little more diplomatic. Back in the World Cup for just the second time and the first in 36 years, Canada came to Qatar with several objectives and accomplished one of those on Sunday. Alphonso Davies scored Canada's first ever goal in a men's World Cup with a bullet header just over a minute into the game. Canada will host the 2026 World Cup along with the United States and Mexico.

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