IMF sees Pak economy improving

Original Content.Thnewspk.com DUBAI: An International Monetary Fund (IMF) staff mission, led by Adnan Mazarei, met with the Pakistani authorities in Dubai over the past week to initiate discussions on the third review under Pakistan’’s Stand-By Arrangement (SBA).

Original Content.Thnewspk.com

DUBAI: An International Monetary Fund (IMF) staff mission, led by Adnan Mazarei, met with the Pakistani authorities in Dubai over the past week to initiate discussions on the third review under Pakistan’’s Stand-By Arrangement (SBA).

At the conclusion of its work today, the mission issued the following statement:

“The IMF mission held constructive discussions with government and State Bank officials, focusing on Pakistan’’s recent economic performance, the outlook for the rest of the fiscal year 2009/10,1 and policies needed to consolidate macroeconomic stability and reduce poverty.

The discussions took place against the background of changing security conditions and delays in donor disbursement of financial aid. The mission welcomed the efforts being made by the authorities to further stabilize the economy, to advance structural reform and lay the foundations for high and sustainable growth. While risks to the economic outlook remain, the early signs of recovery in some sectors, declining inflation, and the improved external position are encouraging.

“Discussions between the authorities and the IMF staff on the third review of the economic program supported by the SBA are scheduled to be completed shortly.”

The SBA of SDR 5.169 billion (about US$7.6 billion) was approved by the Executive Board of the IMF on November 24, 2008. On August 7, 2009, the SBA was augmented to SDR 7,235.9 million (about US$11,327 million) and extended through end-2010.

A first disbursement of SDR 2.067 billion (about US$3.1 billion) was made on November 26, 2008 and a second one of SDR 568.5 million (about US$847 million) on April 1, 2009, after completion of the first program review.

The third disbursement of SDR 766.7 million (about US$ 1,200 million) was made on August 7, 2009, after completion of the second program review. Total disbursements thus far amount to SDR 3,402.6 million (about US$5,327 million).

Pakistan Police station Bombed

Original Content.Thnewspk.com Pakistan Police station Bombed:- A BOMB blast ripped through a police station in Pakistan’s north-western town of Bannu on Friday, killing three policemen and wounding five others, a local police official said.

Original Content.Thnewspk.com

Pakistan Police station Bombed:- A BOMB blast ripped through a police station in Pakistan’s north-western town of Bannu on Friday, killing three policemen and wounding five others, a local police official said.

‘It appears to be a suicide attack, Bakakhel police station building has been damaged very badly, three policemen are dead and five others are injured,’ local police official Hameed Khan told AFP.

The attack came as a huge blast badly damaged the local offices of Pakistan’s premier intelligence agency in the north-western city of Peshawar and killed at least seven people. — AFP

Remnants Of Storm Lash East Coast

Original Content.Thnewspk.com Heavy rain coupled with high winds have lashed parts of the US East Coast, flooding streets, closing schools and causing five deaths. The torrential rains and winds gusting in excess of 30mph were the work of late-season Tropical Storm Ida, which quickly weakened once it made landfall on the US Gulf Coast on Tuesday but still soaked a swath of the south-east from Alabama to Georgia. Three people were killed in weather-related traffic accidents in hard-hit Virginia, said state police spokeswoman Corrine Geller

Original Content.Thnewspk.com

Heavy rain coupled with high winds have lashed parts of the US East Coast, flooding streets, closing schools and causing five deaths.

The torrential rains and winds gusting in excess of 30mph were the work of late-season Tropical Storm Ida, which quickly weakened once it made landfall on the US Gulf Coast on Tuesday but still soaked a swath of the south-east from Alabama to Georgia.

Three people were killed in weather-related traffic accidents in hard-hit Virginia, said state police spokeswoman Corrine Geller.

In North Carolina, an elderly man was killed when a tree knocked down by strong winds fell on him, said a fire service official.

In New York City, a 36-year-old man surfing at a beach died after getting caught in pounding surf churned up by the storm.

Virginia Gov. Timothy Kaine declared a state of emergency and officials urged people in some areas to stay at home.

Rain and resulting floods are predicted to continue at least throughout Friday, especially along the state’s south-eastern coast and particularly in Norfolk, a coastal city which is home to 250,000 people.

Dominion Power reported more than 77,000 customers without electricity in Virginia and North Carolina.

The National Weather Service said that rainfall in some places on the coast was nearly 15cm.