A Pakistani policeman stands guard outside a closed mosque amid lockdown in Karachi on Friday. The IMF commended Pakistan's swift action to contain the spread of the virus as it offered economic relief. Photo: EPA
A Pakistani policeman stands guard outside a closed mosque amid lockdown in Karachi on Friday. The IMF commended Pakistan's swift action to contain the spread of the virus as it offered economic relief. Photo: EPA
A Pakistani policeman stands guard outside a closed mosque amid lockdown in Karachi on Friday. The IMF commended Pakistan's swift action to contain the spread of the virus as it offered economic relief. Photo: EPA
A Pakistani policeman stands guard outside a closed mosque amid lockdown in Karachi on Friday. The IMF commended Pakistan's swift action to contain the spread of the virus as it offered economic relie

IMF approves over $1.3bn in Covid-19 aid to Pakistan


Nada El Sawy
  • English
  • Arabic

The International Monetary Fund said its executive board has approved $1.386 billion (Dh5.09bn) in emergency financing to Pakistan to address the economic impact of the coronavirus shock. 
The funds, to come from the IMF's Rapid Financing Instrument (RPI), will help Pakistan meet the urgent balance of payment needs stemming from the outbreak of the pandemic, the IMF said on Thursday. 
Geoffrey Okamoto, the IMF's First Deputy Managing Director and Acting Chair, said Pakistan's "domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing". 
The IMF emergency financing will provide "strong support to the authorities' emergency policy response, preserving fiscal space for essential health spending, shoring up confidence, and catalysing additional donor support", Mr Okamoto said. 
Of the more than 2.1 million confirmed Covid-19 cases worldwide, Pakistan has reported over 7,000 cases and 135 deaths as of Friday, according to Johns Hopkins University. 
Like many countries around the world, Pakistan took measures to contain the spread of the virus, including border closures with neighbouring countries, international travel restrictions, school closures and lockdowns. 
A relief package worth 1.2 trillion Pakistani rupees (Dh26.3bn) was announced by the authorities on March 24, according to the IMF, which tracks key policy responses. The State Bank of Pakistan (SBP) has responded to the crisis by cutting the policy rate twice by a cumulative 225 basis points to 11 per cent in the span of less than two weeks in March.

"In response to the crisis, the government of Pakistan has taken swift action to halt the community spread of the virus and introduced an economic stimulus package aimed at accommodating the spending needed to tackle the health emergency and supporting economic activity," Mr Okamoto said. "Crucially, the authorities are increasing public health spending and strengthening social safety net programmes to provide immediate relief to the most vulnerable." 
The SBP has also introduced new refinancing facilities to support liquidity and credit conditions and safeguard financial stability. "In this context, the authorities' policies should be targeted and temporary," he said. 
The IMF has already approved an immediate debt relief package for 25 of the world's poorest countries under the Catastrophe Containment and Relief Trust. It has also approved either a Rapid Financing Instrument or Rapid Credit Facility for nine more countries, including Albania, Gabon, Ghana, Kosovo, Kyrgyz Republic, the Republic of North Macedonia, Pakistan, Senegal and Tunisia.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

UAE currency: the story behind the money in your pockets
Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

SPECS
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Predictions

Predicted winners for final round of games before play-offs:

  • Friday: Delhi v Chennai - Chennai
  • Saturday: Rajasthan v Bangalore - Bangalore
  • Saturday: Hyderabad v Kolkata - Hyderabad
  • Sunday: Delhi v Mumbai - Mumbai
  • Sunday - Chennai v Punjab - Chennai

Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore

UAE currency: the story behind the money in your pockets
The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Ad Astra

Director: James Gray

Stars: Brad Pitt, Tommy Lee Jones

Five out of five stars 

The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

While you're here
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
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH INFO

Manchester City 3 (Silva 8' &15, Foden 33')

Birmginahm City 0

Man of the match Bernado Silva (Manchester City)

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Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

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In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site