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July 14, 2023: National Current Affairs MCQs News
1. Gulbar Khan elected as CM of Gilgit-Baltistan
• Following intense political manoeuvrings and persuasions, Giligt Baltistan got a new chief minister on July 13, 2023, a week after PTI`s Khalid Khurshid was disqualified in a fake degree case.
• Haji Gulbar Khan, an estranged PTI member, took the oath of office after he was elected as chief minister with the support of PPP, PML-N and JUI-F.
• GB Governor Syed Mehdi Shah administered the oath to the newly elected chief minister. The ceremony in the Governor House was attended by GB Assembly members, senior officials and supporters of political parties
2. $1.2bn arrives a day after IMF board okays loan
• The State Bank has received $1.2 billion from the International Monetary Fund as the first tranche of a $3bn bailout, Finance Minister Ishaq Dar said on July 13, 2023, a day after the IMF`s board approved the nine-month package.
• With this inflow, the central bank`s foreign exchange reserves have jumped by $4.2bn this week, as the country also received $1bn from the United Arab Emirates and $2bn from Saudi Arabia.
• The transfer of $1.2bn from the IMF `will further improve our foreign exchange reserves`, the minister said in a televised statement, adding that the lender`s executive board had approved the programme on July 12, 2023, the details of which had already been shared with citizens
3. Caretakers to take over in Aug, says PM
• With the clock ticking on the National Assembly`s term, Prime Minister Shehbaz Sharif on July 13, 2023 declared the coalition government will hand over reins to the caretaker set-up on the expiry of its term in August.
• In a televised address to the nation, the prime minister, however, did not drop a hint when the process to pick a caretaker prime minister would kick-start, even though there are only four weeks left in the completion of the assembly`s five-year term.
• The premier also did not clear the confusion if the assembly would be allowed to complete its full term or would be dissolved before August 12
4. Pakistan-owned Washington building sold for $7.1m
• Pakistan has sold the abandoned embassy building in Washington for $7.1 million, buyers and the embassy confirmed on July 13, 2023.
• The building has been vacant since 2003 and declared a `blighted property` by the local government. Its diplomatic status was revoked in 2018 and the building had become a liability for the embassy. A Pakistani American businessman from Dallas, Hafeez Khan, has purchased the property.
• At a ceremony, held at a hotel in Washington, Pakistan`s Ambassador Masood Khan confirmed the sale, hoping that this would `end media speculations` about the property
5. SBP reserves jump to $4.52bn
• The central bank`s foreign exchange reserves increased by $61 million to close at $4.52 billion during the week ended July 7, official data showed on July 13, 2023.
• The reserves didn`t include the $4.2bn inflows the State Bank received earlier this week from the International Monetary Fund and two countries.
• Adding those inflows will take the bank`s reserves to $8.7bn, close to a level they were last seen in October
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