ISLAMABAD // Pakistan requires US$10 billion (Dh37bn) to US$15bn of support from foreign lenders to avert a balance of payments crisis, the country's newly appointed economic troubleshooter says. "In 24 months, we must correct the imbalance we have created," said Shaukat Tarin, an adviser to the prime minister on economic affairs. Pakistan is undergoing an annual economic review, which all International Monetary Fund (IMF) members face, but it is already in a critical condition, with the central bank holding barely enough foreign currency to cover six weeks of imports.
Islamabad was expected to seek a multibillion-dollar rescue package from the fund at a meeting in Dubai today. IMF approval of Pakistan's financial strategy is expected to open the way for aid from other assistance. Pakistan has already approached the World Bank, the Asian Development Bank and bilateral donors including Saudi Arabia and China for support. "Immediately, we don't need more than $10bn to $15bn," Mr Tarin said.
Inflation in Pakistan is running close to 25 per cent, the budget deficit is unsustainable, and the international bond market has priced in a debt default. * Reuters
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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Transgender report
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
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