IMF Projects Slowdown In Pakistan's GDP From 3.5% To 2%

 The International Monetary Fund projected a slowdown in the Gross Domestic Product (GDP) from 3.5 per cent to 2 per cent for the current fiscal, The News International reported.

According to the Pakistan daily, the IMF had also projected that the GDP growth rate would rebound in the next fiscal 2023-24 up to 4.4 per cent.

Global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024, according to IMF's World Economic Outlook (WEO) released on Tuesday.

The rise in central bank rates to fight inflation and Russia's war in Ukraine continue to weigh on economic activity. The rapid spread of Covid-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery, reported The News International.

Global inflation is expected to fall from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024, still above pre-pandemic (2017-19) levels of about 3.5 per cent. The balance of risks remains tilted to the downside, but adverse risks have moderated since the October 2022 WEO.

On Tuesday, Pierre-Olivier Gourinchas, the chief economist of the IMF, said Pakistan is going to slow down, and that's partly the end of the stimulus from fiscal policy in 2022, according to the statement released on IMF's website.

Responding to a query regarding the bailout program negotiations with Pakistan, Gourinchas said, "Pakistan's economy is coming out of a very strong 2022 with 6 per cent growth, well above the world average. But in 2023, there will be a slowdown, and that's partly the end of the stimulus from fiscal policy in 2022. That's going away. And also because of the high inflation, the central bank has increased interest rates, which we see as an appropriate step, 17 per cent recently, the interest rates."

"That's going to cool domestic demand. And so we see a growth of 2 per cent in 2023. Unfortunately, we also had to downgrade the forecast growth for Pakistan by one and a half percentage points for 2023. And that's because of the floods, which was a terrible supply shock, both reducing activity, but also raising inflation and putting various pressures on the country. Inflation, therefore, went up because of this. We see inflation reaching about 21 per cent in 2023. This is also because of the exchange rate depreciation," he further stated.

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Nikki Haley Likely To Announce 2024 US Presidential Run On February 15

Indian-American Republican leader Nikki Haley has sent out invitations for a "special announcement" on February 15 when she is expected to declare her 2024 US presidential run.

Sent by email and also posted on various social media accounts Wednesday, the invitation said, "Join Nikki Haley for Special Announcement." Haley, 51, is the two-term Governor of South Carolina and the former US Ambassador to the United Nations.

If she enters the race, Haley will be the first contender to join the contest against former US President Donald Trump, who is currently the sole Republican seeking his party's 2024 nomination.

According to an invitation soon going out to her backers, Haley's advertised "special announcement" will come on February 15 at The Shed at the Charleston Visitor Center, a downtown gathering spot that could draw hundreds of supporters into the heart of the city's tourism district.

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UK Says Sending Fighter Jets To Ukraine Not Right Approach "For Now"

Britain has not made a "solid decision" not to send its fighter jets to Ukraine but does not think it is the right approach at the moment, Defence Secretary Ben Wallace said on Wednesday.

"I've been involved with this for a pretty long time. And I've learned two things; never rule anything in and never rule anything out," he told reporters when asked why Britain would not send Ukraine jets.

"This is not a solid decision," he added. "For now, I don't think that's the right approach. ... What's going to move on this conflict this year is going to be the ability for Ukrainians to deploy Western armour against Russia."

On Tuesday, British Prime Minister Rishi Sunak's spokesperson said it would not be practical to send jets to Ukraine because it would take months to learn to fly them.

Wallace said Britain's jets were very complex and might not be applicable in Ukraine.

"What they need right now is armour and tanks," he said. "I think we'd have to be pretty sure that (jets) is going to be the next battle winning requirement. But for now, I think we're focused on the tanks, the land battle."

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Delhi Man Kills Father For Refusing To Give Money For Drugs, Arrested

A man was arrested for allegedly killing his father on Wednesday after the latter refused to give him money for buying drugs, police said.

The deceased was as Suresh Kumar, a resident of Shakurpur village, they said.

Information was received about a quarrel in northwest Delhi's Subhash Place and police personnel reached the spot. They found Suresh injured there. He had suffered abrasions and was bleeding from one of his ears. He was taken to a nearby hospital where doctors declared him brought dead, the police said.

Deputy Commissioner of Police (Northwest) Usha Rangnani said during inquiry, it was revealed that the victim had a quarrel with his son, Ajay, over monetary issues. During the argument, Ajay assaulted his father as he refused to give him money for buying drugs, she said.

"A case has been registered under Section 302 (murder) of the Indian Penal Code and Ajay has been arrested. Further investigation is underway," the DCP sidentified aid.

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Girl, 16, Raped In Gurugram Hotel By 'Instagram Friend': Cops

A 16-year-old Class 11 student was allegedly raped by her "Instagram friend" in a hotel here, police said on Wednesday.

The matter came to light when the accused sent a nude picture of the girl to her mother and also posted it on social media.

According to the complaint filed by the mother of the victim, her daughter had befriended a native of Uttar Pradesh last year on Instagram and also engaged in a nude video call during their friendship.

The mother told police that the accused called her daughter to a hotel in Gurugram and raped her there.

"He again called her to the hotel two more times last week. He was pressuring my daughter to meet him by threatening to share her nude video and pictures online.

"On Tuesday, he posted a nude picture of my daughter on social media and also sent it to me. When I asked my daughter, she told me about the entire episode," she said in her complaint, according to police.

Following the complaint, an FIR was registered against Raj Diwedi under sections 8 (sexual assault) and 12 (sexual harassment) of POCSO Act, section 506 (criminal intimidation) of the IPC, and section 67 A of IT Act at Women Police Station (West) on Tuesday evening.

"An FIR has been registered and we are conducting raids to nab the accused. He too is reported to be a student," said Inspector Poonam Singh, SHO, Women Police Station (West).

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Class 12 Student In Bihar Fainted On Entering Exam Centre. The Reason Is...

A class 12 boy in Bihar fainted when he entered an examination room filled with girls. The student of Bihar Sharif's Allama Iqbal College went to take an intermediate examination at Brilliant School and "fainted out of nervousness" when he realised he was amidst 50 girls, his aunt told ANI.

According to the student's aunt, the boy also developed a fever and was rushed to hospital.

"He went to the examination centre and saw that the room was full of girls, he became nervous and developed a fever, and he fainted," Shankar's aunt told ANI.

The student has been admitted to Sadar Hospital for treatment and is currently stable.

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Cocaine Worth Rs 33.60 Crore Hidden In Soap Boxes Seized At Mumbai Airport

The Directorate of Revenue Intelligence (DRI) on Wednesday seized 3.36 kg cocaine valued at Rs 33.60 crore concealed beneath the wax layer of soaps in 16 small soap boxes from an Indian passenger who landed at the Mumbai international airport from Addis Ababa, an official said.

He said the DRI acted on specific intelligence that an Indian national is arriving in Mumbai on an Ethiopian Airlines flight with a narcotic substance.

"The DRI intercepted the passenger for examination of his luggage. 16 small soap boxes were recovered. Officers observed that something is concealed beneath the wax layer of the soaps," a DRI release said.

Upon the removal of the wax layer, officials found a soap bar wrapped in transparent plastic. On scratching the soap cake, a powdery substance was found concealed. The substance tested positive for cocaine, it said.

The passenger has been arrested under the relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act and is being interrogated, the DRI added.

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