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April 27, 2023: National Current Affairs MCQs
1. China looking to expand military ties with Pakistan
• China is willing to work with Pakistan`s military to deepen and expand cooperation and jointly safeguard regional peace and stability, the vice chairman of Central Military Commission said on April 26, 2023.
• Zhang Youxia stated this during a meeting with Chief of Army Staff (COAS) Gen Asim Munir in Beijing, Reuters quoted China`s defence ministry as saying.
• On the first day of his four-day official visit to China, the army chief was given a warm welcome and presented with the guard of honour at the headquarters of the People`s Liberation Army. He reviewed the smartly turned-out contingent, which was later followed by a detailed meeting with the PLA Army Commander, a press release issued by the military`s media affairs wing said.
• Gen Munir and the Chinese army commander discussed matters of mutual security interests and military cooperation
2. Six policemen martyred during hostage rescue operation
• Six members of the Anti-Terrorist Force of Balochistan Police, including a sub inspector, embraced martyrdom while two others suffered injuries in a shoot-out with kidnappers at the Chand water channel in the jurisdiction of Mouladad police station in Jacobabad on Wednesday, police said.
• A Jacobabad-based band of criminals, known as Mitho Shah gang, had kidnapped Furgan, the son of rice mill owner Aslam Soomro from Balochistan and brought him to the Mouladad area.
• Furgan Soomro was waylaid in the Kashmirabad area of Jaffarabad, while returning to Usta Mohammad town from Jacobabad on Tuesday night, police said.
3. Govt cuts growth rate to 0.8pc
• As major debt sustainability indicators deteriorated over the first half (July-December) of the current fiscal year, the government on April 26, 2023 feared the gross financing needs to remain high, posing several liquidity risks due to high-interest rates and pressure on the external account with average inflation at 28.5 per cent this year and staying stubborn at 21pc even in next fiscal year.
• `Public debt risks remain high`, said the Economic Advisory Wing of the Ministry of Finance on Wednesday in its `Debt Sustainability Analysis (DSA) Report`. Heatmap depicts a high risk since the debtand GFN-to-GDP (gross financing needs to gross domestic product) ratios exceed` the IMF`s DSA thresholds in FY23, both in baseline and shock scenarios, it said.
• The stress-test analysis showed that negative shocks of the exchange rate, the most extreme scenario, would increase the public debt ratio to levels persistently above the 70pc threshold of GDP until FY26. The combined macro-fiscal and standardised contingent liability shocks result in a debt-to-GDP ratio above 70pc. For the first time, the government also lowered its GDP growth rate forecast to 0.8pc slightly above 0.4 to 0.6pc projected by the IMF, World Bank and Asian Development Bank against budget estimates of 5pc
4. Google launches App Growth Lab in Pakistan
• Following the launch of the Gaming Growth Lab in Pakistan last year, Google on April 26, 2023 announced that it has opened the first ever App Growth Lab in Pakistan.
• The latter is a four-month programme designed to identify high potential app developers, studios and companies that are looking to accelerate and grow their businesses. The launch represents Google`s commitment to help grow Pakistan`s app industry locally and globally.
• With intensive education and support phases, the programme will allow app developers to learn from Google experts in areas such as Ads, AdMob, Firebase, gTech, and Play as well as Industry leaders.
5. UAE investor acquires Summit Bank
• Summit Bank Ltd, one of the smallest commercial lenders in terms of net assets, said on April 26, 2023 a UAE investor has become its majority shareholder.
• The announcement follows the injection of fresh equity to the tune of Rs10 billion from Nasser Abdulla Hussain Lootah, a national of the Gulf nation, who subscribed to 3.98bn new shares of the bank at Rs2.51 apiece. As a result, he gained 51 per cent shareholding as well as management control of the commercial lender. Mr Lootah already owned 0.51pc shares in the bank.
• The injection of fresh liquidity is meant to partially fix the bank`s capital adequacy issues
