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June 07, 2022: National / International Current Affairs
1. Slower growth may help cure `ailing economy`
• The prevailing political uncertainty and the International Monetary Fund (IMF) programme-led economic stabilisation efforts are likely to slow down the country`s growth prospects and keep the inflation rate elevated next fiscal year (FY2022-23), as the federal and provincial governments adopt fiscal and monetary tightening policies.
• This is said to be the central theme of next year`s macroeconomic framework and development programme to be approved by the National Economic Council (NEC) in its meeting due later this week. Led by the prime minister, the NEC comprises the four chief ministers and as many federal ministers. The Azad Jammu and Kashmir prime minister and Gilgit-Baltistan chief minister also attend the meetings of the country`s highest economic and development policymaking body
2. Muslim world pushes India for apology from BJP
• The Indian government on June 6, 2022 sought to calm anger at home and abroad following derogatory remarks by BJP members about the Holy Prophet (peace be upon him), as Pakistan and other Islamic countries continued to put pressure on New Delhi to apologise for hurting the sentiments of millions of Muslims around the world.
• According to Reuters, at least 38 people were arrested for rioting in Kanpur while another protest was held in Mumbai.
• Top Indian of ficials remained engaged with managing the diplomatic fallout as more Muslim nations, including Pakistan, Saudi Arabia, Oman, UAE, Maldives, Jordan, Afghanistan and Iran as well as the influential Al-Azhar University in Cairo demanded an apology from the government in Delhi for allowing the derogatory remarks, an Indian foreign ministry official said
3. Education ministry fails to utilise funds donated by Germany in 1993
• President Dr Arif Alvi on June 6, 2022 ordered the Ministry of Federal Education and Professional Training to conduct an inquiry against officials concerned who failed to utilise a German donation of Rs13.70 million lying with the government since 1993-94.
• The president said the amount was given for purchase of paper for printing of cheap textbooks.
• Dr Alvi directed the Ministry of Federal Education and Professional Training to conduct an inquiry and take action against the officials responsible for the lapse, says a press release issued by the Presidency
4. Rabbani withdraws five bills to protest `shrinking space` for civilians
• Former Senate chairman and PPP leader Mian Raza Rabbani on June 6, 2022 moved a motion in the house seeking withdrawal of five constitutional amendment bills he had introduced earlier, in protest against the `shrinking space for civilians` in the country`s affairs.
• `The Constitution and the constitutional system in Pakistan is under a severe attack,` the PPP senator said while explaining the reasons for his decision. He said that on the one hand, the judiciary had introduced the `reading in the Constitution` doctrine and, on the other, the ISI had been given the role of vetting appointments, transfers, postings and promotions of civil bureaucracy.
• `Where are we heading? Which civilian supremacy we talk about?` he asked
5. Foreign banks demand 100pc cash margin for opening oil LCs
• Import of oil is no more possible through local banks, while the foreign banks are not ready to open letters of credit (LCs) unless a full amount is deposited by importers, sources in the financial market told Dawn.
• However, Pakistani authorities are trying to convince the oil-exporting countries to accept LCs with a 10 or 20 per cent cash margin as the demand for depositing full payment could be devastating for the country already faced with dollar shortages, bankers familiar with the developments told Dawn on Monday.
• The situation was critical for the local currency which depreciated further by Rs2.14 against the US dollar interbank market on Monday. The greenback snapped over a week-long losing streak against the rupee and appreciated by 33 paise to Rs197.92 on June 3
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