Pakistan Seeks Billions In New Loans After Floods: Report

Pakistan PM Shehbaz Sharif said the country needs money to rebuild damaged infrastructure (File)

Pakistan will ask international lenders for billions of dollars in loans after devastating floods exacerbated the South Asian nation's economic crisis, the Financial Times reported on Wednesday.

"We are not asking for any kind of measure [such as] a rescheduling or a moratorium," the country's Prime Minister Shehbaz Sharif told the Financial Times. "We are asking for additional funds."

The country needs "huge sums of money" for "mega undertakings" such as rebuilding roads, bridges and other infrastructure damaged or washed away, the FT quoted Sharif as saying.

Sharif did not specify the amount Pakistan is seeking, but repeated an estimate of $30 billion of flood losses, the report said.

Earlier this month, the United Nations raised its humanitarian aid appeal for Pakistan five-fold to $816 million from $160 million, as a surge in water-borne diseases and fear of growing hunger pose new dangers after the unprecedented floods.

The European Union also scaled up its flood assistance to 30 million euros ($29.57 million).

A decline in Pakistan's currency is also pushing up the cost of imports, borrowing and debt servicing, and will further exacerbate inflation already running at a multi-decade high of 27.3%.

The estimated $30 billion in damage to the economy from the floods along with rising concerns about Islamabad's ability to raise money to meet external financing requirements has worsened the situation.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Adblock test (Why?)

from NDTV News- Special https://ift.tt/gfbaFEG https://ift.tt/aAgZiOo
via IFTTT

Comments

Barcelona Coach Xavi Banned For Two Games For Red Card In Season Opener

File image of Xavi Hernandez © AFP Barcelona coach Xavi Hernandez will serve a two-match suspension after being sent off in his team's La Liga season opener against Getafe, it was announced Wednesday. Xavi was punished for his touchline behaviour during Sunday's 0-0 draw at Getafe, in which Barcelona winger Raphinha also received a red card in the first half for elbowing an opponent. Former Barcelona midfielder Xavi was dismissed with 20 minutes to play after leaving his technical area to remonstrate with the fourth official over a refereeing decision. Referee Cesar Soto Grado said in his report that he had already warned Xavi, who was critical of the officiating in his post-match press conference. Xavi and Raphinha will both miss Sunday's game against Cadiz and the trip to Villarreal on August 27. Topics mentioned in this article Adblock test (Why?) from NDTV News- Special https://ift.tt/rYApZUa https://ift.tt/OEf5L2w via IFTTT

Mob Attacks Hindu Procession In Maharashtra's Thane, Case Filed: Cops

The incident took place on Sunday night on Lodha Road, police said. (Representational) Thane: A mob of 50-60 persons was booked by Mira Bhayander Vasai Virar police in Thane district for allegedly assaulting a man who was part of a procession on the eve of the idol consecration of the Ram Temple in Ayodhya, an official said. The incident took place on Sunday night on Lodha Road and as per the complainant the mob armed with iron rods, sticks, bats shouted religious slogans and assaulted him when he was part of a procession comprising three vehicles and 10 two-wheelers, the official said. They vandalised the car with stones and sticks, the man said in his complaint to Naya Nagar police station. "A case of attempt to murder and other offences has been registered against a mob of 50-60 persons. Further probe is underway," the official added. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Adblock test (Wh

Twitter Launches Verified Accounts In 3 Colours

All verified individual humans will have same blue check on Twitter, Elon Musk said. Washington: Twitter's updated account verification program has finally launched. Earlier, every account had a blue tick now there is a development in which some accounts have turned Gold. Last month, CEO Elon Musk, took to the microblogging site to make the announcement. "Sorry for the delay, we're tentatively launching Verified on Friday next week." he posted. "Gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates," the SpaceX owner added. He had earlier tweeted about the usage of different colours for different organisations and individuals but fleshed out the details just recently. "All verified individual humans will have same blue check, as boundary of what constitutes "notable" is otherwise too subjective." He tweeted. Ac

டெக் மந்த்ரா

Search This Blog