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March 07, 2022: National Current Affairs MCQs
1. Pakistan has to give assurance on financing balance of payments gap: IMF
• Pakistan will be required to give an assurance that its balance of payments (BoP) deficit is fully financed for the fiscal year ending in June to unlock the next tranche of IMF funding, the fund`s resident representative said on March 6, 2023.
• The funding is critical for Islamabad, which is facing a BoP crisis, with foreign exchange reserves held by the State Bank of Pakistan (SBP) dropping to levels barely able to cover four weeks of imports.
• The International Monetary Fund has been negotiating with Islamabad since early last month to clear its 9th review, which if approved by the board will issue $1.1 billion of a$6.5bn bailout agreed upon in 2019.
• That bailout ends at the close of this fiscal year on June 30
2. Pakistan improves risk score on global AML index
• Following Pakistan`s exit from the Financial Action Task Force`s (FATF) grey list, a global body of banking supervisory authorities has acknowledged the progress made by the country in the overall regulation of the financial affairs slightly lowering the risk score of the country.
• However, experts believe that the recently released Basel AML [anti-money laundering] Index briefing on Pakistan would hardly benefit the country`s overall economy amid larger challenges which have `overshadowed` the progress it`s making on the regulatory front.
• `Pakistan`s overall ML/TF [money laundering and terrorist financing] risk score in the Basel AML Index (Public Edition) is 6.16. This places it in the medium-risk category compared to other global jurisdictions. In the latest update of the Expert Edition, which is updated quarterly with the latest data, the risk score is slightly lower at 6.11,` said the Basel AML Index briefing on Pakistan
3. Nine security men martyred in Bolan suicide attack
• At least nine personnel of the Balochistan Constabulary embraced martyrdom and 13 others were injured on Monday after a suicide bomber riding an explosives-laden motorbike struck a police truck on the Sukkur-Quetta Highway in the Bolan district about 120km from Quetta.
• According to officials, the personnel were on their way back to Quetta after performing duties at the annual `Sibi Mela` when the truck was targeted in the Dhadar area.
• The impact of the powerful blast, which destroyed the vehicle, killed nine officials on the spot and left the rest wounded. Senior police officer Mehmood Khan Notezai confirmed the suicide attack, while the Tehreek Jihad Pakistan (TJP), an unknown militant outfit, claimed responsibility for it.
• According to AFP, the militant Islamic State group claimed responsibility for the suicide blast
4. PM decries `unsustainable debt` of poor nations
• Prime Minister Shehbaz Sharif on March 6, 2023 called for ways to address the issue of the `unsustainable debt burden` of Least Developed Countries (LDCs).
• Addressing the 5th UN Conference on LDCs, the PM also emphasised the need for a global financial system that addresses the issues of poor countries.
• He said it was a matter of great concern that six LDCs are classified as suffering from debt burden while 17 are at high risk of debt distress.
• `We also need to reform the unequal financial architecture [and] make it people-centric and designed to address special needs and weaknesses of LDCs,` Mr Sharif said
5. Senate body seeks Rs500 radio fee on registration of vehicles
• A Senate committee has recommended charging Rs500 `radio fee` from all vehicles, excluding motorcycles, at the time of registration to generate additional Rs15 billion per year revenue for the financially-hit state-run Pakistan Broadcasting Corporation (PBC), commonly known as Radio Pakistan.
• The recommendation came from a sub-committee of the Senate Standing Committee on Information and Broadcasting which met under its convener Irfan Siddiqui of the ruling PML-N here on March 6, 2023 to discuss issues relate d to the PBC`s serving and retired employees who had been facing great hardships due to financial crunch for more than a decade.
• Talking to Dawn after the meeting, Mr Siddiqui said that the members were informed that the proposal of collecting radio fee was expected to generate an additional Rs15bn per annum, as every year millions of vehicles were registered in the country
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