People affected by floods queuing to receive free food distributed by the Pakistan Red Crescent Society in Larkana. EPA
People affected by floods queuing to receive free food distributed by the Pakistan Red Crescent Society in Larkana. EPA
People affected by floods queuing to receive free food distributed by the Pakistan Red Crescent Society in Larkana. EPA
People affected by floods queuing to receive free food distributed by the Pakistan Red Crescent Society in Larkana. EPA

Pakistan seeks rescheduling of $27bn debt and expects gradual recovery from floods


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Pakistan's new finance minister Ishaq Dar said on Friday he will seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China, but will not pursue haircuts as part of any restructuring.

In an interview, Mr Dar ruled out the possibility of a default on Pakistan's debt, an extension of the maturity date on bonds due in December or a renegotiation of Pakistan's current International Monetary Fund programme.

The veteran finance minister said multilateral development banks and international donors have been "quite flexible" with ways to meet Pakistan's external financing needs estimated at about $32bn after devastating floods.

Some of this may come from reallocating funds from previously approved, slower-disbursing development loans, he said.

Mr Dar, who participated in the IMF and World Bank annual meetings just over two weeks after taking office, said that Pakistan will seek restructuring on equal terms for all bilateral creditors.

He declined to comment when asked whether he thought it would be difficult to persuade China, creditor for about $23bn of the debt, to participate.

But asked whether Pakistan would seek to reduce debt principal, he said "rescheduling is fine, but we are not seeking a haircut. That's not fair".

Mr Dar, who served as Pakistan's finance minister three previous times — most recently from 2013 to 2017 — is known as a staunch defender of the rupee.

He said Pakistan has not engaged in physical intervention in the currency, which has been battered this year by a strong US dollar, but which has rallied some 10 per cent since his appointment.

Mr Dar said that he views the "true value" of the rupee at a level under 200 to the dollar. It last traded at 219.

"I am for a stable currency, I am for a realistic rate. I am for market-based, but not subject to a currency being taken hostage" and making speculators billions of dollars.

Asked whether he discussed with IMF officials the possibility of borrowing from the fund's new Resilience and Sustainability Trust for middle-income countries, Mr Dar said: "We have discussed all options."

  • People affected by floods queue to receive food distributed by the Red Crescent Society in Larkana, Pakistan. EPA
    People affected by floods queue to receive food distributed by the Red Crescent Society in Larkana, Pakistan. EPA
  • Al Mahmood Social Welfare Association workers prepare food aid in Larkana, Pakistan. EPA
    Al Mahmood Social Welfare Association workers prepare food aid in Larkana, Pakistan. EPA
  • More than 33 million people have been affected by floods since June 2022, Pakistan's Climate Change Minister Sherry Rehman says. EPA
    More than 33 million people have been affected by floods since June 2022, Pakistan's Climate Change Minister Sherry Rehman says. EPA
  • A Pakistan Red Crescent Society worker sorts food parcels to be distributed to people affected by floods in Larkana. EPA
    A Pakistan Red Crescent Society worker sorts food parcels to be distributed to people affected by floods in Larkana. EPA
  • A girl carries a bottle filled with floodwater at a camp for displaced people in Sehwan, Pakistan. Reuters
    A girl carries a bottle filled with floodwater at a camp for displaced people in Sehwan, Pakistan. Reuters
  • Women affected by the floods wait for food aid at a camp for displaced people in Sehwan. Reuters
    Women affected by the floods wait for food aid at a camp for displaced people in Sehwan. Reuters
  • Flood-affected children suffering from malaria receive treatment at the Sayed Abdullah Shah Institute of Medical Sciences in Sehwan. Reuters
    Flood-affected children suffering from malaria receive treatment at the Sayed Abdullah Shah Institute of Medical Sciences in Sehwan. Reuters
  • Women wait with their sick children at the medical institute in Sehwan. Reuters
    Women wait with their sick children at the medical institute in Sehwan. Reuters
  • Flood-affected people eat food distributed by Al Mahmood Social Welfare Association in Larkana. EPA
    Flood-affected people eat food distributed by Al Mahmood Social Welfare Association in Larkana. EPA

The minister added that the IMF's new emergency "food shock" borrowing window may also be a good fit for the country, which has lost crops due to devastating floods and may need to import up to half-million of tonnes of wheat in the next year.

"In this scenario, we have the possibility to approaching and accessing this facility," he said.

In a separate interview, Mr Dar estimated that it could take “close to three years" for the South Asian country to recover from devastating floods that killed more than 1,700 people and displaced another 7.9 million.

Losses from the floods were estimated to surpass $32bn and that the cost of rebuilding damaged infrastructure will exceed $16bn, he said.

Monsoon rains, likely made worse by climate change, hammered Pakistan for months starting in mid-June, damaging or washing away 2 million homes.

Rebuilding, Mr Dar said, “can’t be done overnight'' and will take “maybe close to three years: though he acknowledged that he was "not an engineer". The World Bank last month pledged $2bn in flood aid.

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

hall of shame

SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

MATCH INFO

Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

LA LIGA FIXTURES

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

UAE SQUAD

 Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

SUCCESSION%20SEASON%204%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
RACECARD
%3Cp%3E5pm%3A%20Al%20Shamkha%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%0D%3Cbr%3E5.30pm%3A%20Khalifa%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3E6pm%3A%20Masdar%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E6.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%202%2C200m%0D%3Cbr%3E7pm%3A%20Emirates%20Championship%20%E2%80%93%20Group%201%20(PA)%20Dh1%2C000%2C000%20(T)%202%2C200m%0D%3Cbr%3E7.30pm%3A%20Shakbout%20City%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C400m%3C%2Fp%3E%0A

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

Australia tour of Pakistan

March 4-8: First Test, Rawalpindi  

March 12-16: Second Test, Karachi 

March 21-25: Third Test, Lahore

March 29: First ODI, Rawalpindi

March 31: Second ODI, Rawalpindi

April 2: Third ODI, Rawalpindi

April 5: T20I, Rawalpindi

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

MATCH INFO

Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
 
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned

Updated: October 15, 2022, 11:02 AM