DHAKA, Bangladesh (AA) – The International Monetary Fund (IMF) has approved a much-awaited $4.7 billion loan package for Bangladesh, according to a statement by the fund. The loan approved by the fund’s Executive Board includes $3.3 billion under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF), and $1.4 billion under the Re...
NEW DELHI, ISLAMABAD (AA) – A legal battle between India and Pakistan over water sharing began in The Hague on Friday, with New Delhi seeking “modification” to the 1960-signed Indus Waters Treaty and Islamabad accusing its neighbor of violating the pact in the design of new dams that it says will dry up its irrigation […]
TEHRAN, Iran (AA) – In a tit-for-tat move, Iran has announced sanctions against dozens of individuals and entities affiliated with the European Union and the UK. In a statement, the Foreign Ministry said it was placing 22 individuals and three entities from the EU on its sanctions list, as well as eight individuals and one […]
KARACHI, Pakistan (AA) – The Pakistani rupee tumbled to an all-time low on Thursday against the US dollar days after a cash-strapped Islamabad agreed to accept a key International Monetary Fund (IMF) demand for removal of an unofficial cap on exchange rate. The value of the dollar shot up by 24.25 Pakistani rupees to an […]
Baghdad, Iraq (AFP): Hundreds of Iraqis gathered on Wednesday in front of the central bank in Baghdad to protest against a sharp fall in the local currency’s value against the US dollar, AFP journalists reported. The official exchange rate is fixed by the government and remains unchanged at 1,470 dinars for one dollar, but since [&hellip...
Nouakchott, Mauritania (AFP): Mauritania’s ex-president Mohamed Ould Abdel Aziz went on trial on Wednesday, accused of amassing an illicit personal fortune from his 11-year stay in power. Aziz, a 66-year-old former general, appeared in a court in Nouakchott among 10 defendants, including former prime ministers, ministers and businessmen,...
Tehran, Iran (AFP): Iranian President Ebrahim Raisi has set the tackling of galloping inflation and currency devaluation as priorities for the 2023-2024 budget presented to the parliament. The pledge came as the Iranian currency touched a new low. Addressing MPs, Raisi tried to reassure Iranians about the economy which faces a serious crisis d...
KARACHI, Pakistan (AA) – Several parts of Pakistan remained without electricity even on Tuesday, following a major power breakdown that hit the South Asian nuclear country on Monday, virtually paralyzing the normal course of life. Addressing a press conference in the capital Islamabad on Tuesday, Energy Minister Khurram Dastagir claimed that t...
KARACHI, Pakistan (AA) – A major power outage struck Pakistan on Monday morning, forcing government offices, airlines, hospitals, and business centers across the country to rely on backup generators. The breakdown which occurred because of a decrease in frequency in the national grid caused widespread power outages in scores of cities and town...
ISLAMABAD (AA) – Pakistan and Russia have agreed to complete an oil and gas export process by end of March with Islamabad paying in “currencies of friendly countries” instead of US dollars. Russian Energy Minister Nikolay Shulginov said the two countries also agreed to explore additional avenues of cooperation. “We have discu...
