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Pakistan, IMF reach staff-level deal to release $1.1bn from bailout package

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Pakistan PM Shehbaz Sharif meets with IMF Managing Director Kristalina Georgieva in Paris (Aljazeera)

Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement for the release of $1.1bn from a $3bn bailout package the indebted country needed to avert a sovereign default.

“The IMF team has reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan’s stabilisation programme,” the IMF said in a statement on Wednesday.

The United States-based lender said the money will be disbursed after approval by the IMF’s executive board before the deal, agreed last year, expires on April 11.

The announcement came after five days of talks between the IMF and the newly  elected government of Prime Minister Shehbaz Sharif in Islamabad.

The IMF said Pakistan’s “economic and financial position has improved” in recent months, but added that growth is “expected to be modest this year and inflation remains well above target” and the South Asian country will need more policy reforms to address “deep-seated economic vulnerabilities”.

Pakistan is desperately seeking financial assistance from global lenders and bilateral partners to shore up its $350bn economy, which has been  under severe strain for two years.

Its economy is particularly burdened by debt obligations, which amount to more than $130bn of external debt. The foreign reserves are a paltry $8bn, enough to cover eight weeks of imports in a country that relies on imported goods to fuel its economy.

Meanwhile, inflation, despite a gradual decline, is still at 23 percent, as the currency has lost more than 50 percent of its value against the US dollar in the last two years.

To fight the crisis, Finance Minister Muhammad Aurangzeb recently said the government is looking for a “longer, larger” IMF bailout package once the current deal expires.

A sales tax on petroleum product could lead to inflationary impact. [Arshad Arbab/EPA]The Pakistani government is also seeking a new IMF bailout package (Aljazeera)

Economist Safiya Aftab told Al Jazeera the successful completion of the IMF programme means the government is “seriously attempting to start bringing about [policy] reforms which the IMF has been asking for”.

She, however, warned that a new bailout package being mulled by the government could be tough given the conditions put forward by the lender.

“IMF will turn the screws and demand increase in taxation and broadening the taxation net, and the government, as we have seen in the past, often goes for quick solutions which increase the burden on the salaried class,” she said.

Aftab said the government will have to look towards privatising state-owned enterprises in order to generate revenue and cut down expenditure.

“Despite the difficulties, I think the government has no choice but to comply with the requirements,” she said, adding that the short-term effects of a new IMF programme will “certainly lead to more inflation and more burden on the public.”

(Aljazeera)



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Farhan and Sadaqat help Pakistan seal series in style

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Maaz Sadaqat clobbered 96 off just 51 balls [Cricinfo]

Maaz Sadaqat crashed 96 off 51,Sahibzada Farhan clobbered 73 off 44, and Pakistan scorched their way through the last 12 overs of their innings to mount a fearsome total of 215 for 3. Pakistan reaped 156 runs just in the last 12 overs of their innings, as a 73-run stand between Sadaqat and Farhan was followed by a manic 72-run partnership between Sadaqat and Hasan Nawaz.

Sri Lanka’s batting was woeful in response. They slumped to 64 for 5 by the 11th over, with none of their top seven managing to get to 30. They limped to 133 for 7, having had their hopes of leveling the series wrecked by quicks Mohammad Imran and Salman Mirza, who took five wickets between them.

Sadaqat propels Pakistan into the stratosphere

The openers had laid a decent platform with Pakistan having got to 55 for 1 by the end of the seventh over. But it was Sadaqat who injected the energy that truly set Pakistan on course to their mammoth total. Having gone at less than a run a ball in his first eight balls, Sadaqat unleashed a spectacular lofted square drive off Eshan Malinga to collect his first six, before pumping the same bowler down the ground later in the 10th over.

Sadaqat would go on to clobber six further sixes and five further fours. The big hits tended to come down the ground, while his fours were more square of the wicket. Of the 125 runs Pakistan plundered in the second half of their innings, 79 off 40 came from Sadaqat, who pummeled both pace and spin with equal relish. Off the sixteenth over, bowled by Maheesh Theekshana, Sadaqat thumped three sixes in the arc between long on and midwicket.

Sadaqat, whose previous top score in three T20Is had been 50, could have gone to triple figures off the last ball of the innings, but holed out to deep cover instead, unable to quite find the power to lift a Malinga slower ball over the ropes. He had utterly dominated the middle and late overs, however.

Farhan sets the tone

On another flat Rawalpindi deck, Farhan made the first big charge, although he waited until spin came on to really get into high gear. Theekshana was one of his main victims as well. Farhan’s first six came from a slog sweep off Theekshana in the seventh over, before he launched the same bowler over wide long on and cow corner off successive balls in the ninth over. Getting to his 12th T20I fifty off the 31st ball he faced, Farhan began to aim big blows off the seamers as well. He was caught at deep third off the bowling of Dasun Shanaka, in the 15th over.

Sri Lanka stumble in the powerplay

An excellent Salman Mirza bouncer took the glove of Lahiru Udara in the first over, ending the innings of one of Sri Lanka’s few form batters for a mere five runs. And although Sineth Jayawardena – playing his first international in a full-strength Sri Lanka side – hit three consecutive boundaries in the third over, Sri Lanka were unable to build up any momentum in the powerplay. By the end of the sixth over, they had laboured to 35 for 2.

Imran’s spell lights up the middle overs

A full house in Rawalpindi was treated to some excellent fast bowling by Imran, who finished with the game’s best figures of 3 for 11 from his four overs. Having got Jayawardena to top-edge a desperate pull shot at the end of his second over, Imran had Kusal Mendis caught behind off a slower delivery, before two balls later (a wide in between), he took Sahan Arachchige’s edge with a quick delivery angled across the left-hander. Wicketkeeper Khawaja Nafay made two diving grabs to convert these chances in the eighth over.

All through his unbroken spell, Sri Lanka’s batter struggled to so much as hit Imran off the square, despite the good batting conditions on offer. Imran mixed up his pace, frequently going to slower balls, but his line and length control were also excellent through the spell. When he finished his unbroken spell at the end of the 10th over, Sri Lanka’s required rate had climbed past 15.

Chamindu Wickramasinghe and Theekshana struck some late boundaries, but by the time they came to the crease, Sri Lanka did not have a realistic shot at levelling this series. They lost by 82 runs in the end.

Scores:
Pakistan 215 for 3 in 20 overs (Sahibzada Farhan 73, Fakhar Zaman 22, Maaz Sadaqat 96, Hasan Nawaz 19*; Maheesh Theekshana 1-55, Eshan Malinga 1-41,Dasun Shanaka 1-30)  beat Sri Lanka 133 for 7 (Sineth Jayawardena 22, Kamnbdu Mendis 23, Chamindu Wickremasinghe 29, Maheesh  Theekshana 32*; Salman Mirza 2=28, Mohammad  Imran 3-11, Saim Ayub 1-19, Shadab Khan 1-19) by 82 runs

[Cricinfo]

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At least 139 dead, 84 missing as migrant boat capsizes off Djibouti

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A member of the International Organization for Migration inspects the abandoned wreckage of a boat that capsized off the coast of Djibouti on April 12, 2026 [Aljazeera]

At least 139 people, including 15 children, have died and 84 are missing after a boat capsized off the coast of Djibouti, according to the United Nations migration agency.

In a statement on Sunday, the International Organization for Migration (IOM) quoted survivors as saying that the incident happened near Guhere off Djibouti’s eastern coast in the Gulf of Aden near the Bab al-Mandeb strait from Thursday night to before dawn on Friday.

The boat was heading from Djibouti to Yemen with more than 300 people on board. More than 80 people – all Ethiopians – survived the shipwreck while Djiboutian search and rescue operations continued.

“Our teams are on the ground alongside local authorities to provide emergency assistance,” IOM Chief of Mission in Djibouti Alexandre Coissac said, lamenting the “devastating loss of life”.

That number only includes those buried by authorities in Djibouti. Others have been buried by the migrants themselves but they won’t be added to the official count until authorities can verify the bodies, Alexandre Coissac, IOM Chief of Mission in Djibouti, told the Associated Press.

“This tragedy is a stark reminder of the dangers faced by migrants along this migration corridor as they seek economic opportunities,” Coissac added.

[Aljazeera]

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‘Time for Ukraine to get new president,’ says Trump after Zelensky condemns diesel deal

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[file pic]

US President Donald Trump has said he thinks “it’s time for Ukraine to get a new president” as he responded to Volodymyr Zelensky’s criticism of the US diesel deal with Russia.

The Ukrainian president warned a new deal to release millions of tonnes of Russian diesel into the US would provide Moscow with money to continue its war against his nation, calling it a gift to Russian President Vladimir Putin.

Trump told reporters outside the White House on Saturday that Zelensky “wants to make problems for the world” by continuing to authorise attacks on Russian refineries.

“He’d better damn well stop,” Trump said, before suggesting Ukraine should “get a new leader who can make a deal”.

Global fuel supplies, including diesel, have been severely limited by the war against Iran launched by the US and Israel, which led to the effective closure of the Strait of Hormuz, through which roughly a fifth of the world’s oil products usually flows.

Russia – a major producer – and Ukraine have recently intensified their strikes on each other’s energy infrastructure and transport facilities, further straining energy markets.

“We said, ‘you can do whatever you want to Russia, don’t hit the refineries’, because that’s a world problem that’s caused,” Trump continued.

“He could have made many deals and for some reason, he never does.”

Putin’s envoy Kirill Dmitriev described Trump’s intervention as “iconic and historic”, saying that Ukraine “needs leadership actually focused on peace”.

The US president confirmed on Friday that an agreement had been reached with Moscow to suspend sanctions on Russian diesel exports until 7 April.

Zelensky reacted by saying it would allow Moscow to raise new funds to source new military equipment to continue the war.

He also accused Moscow of taking the deal “to mean they can keep fighting, to mean they keep dropping bombs on cities” following deadly new strikes on Zaporizhzhia.

The Ukrainian president spoke to several allies on Saturday to discuss the latest developments, calling for “real decisions to protect lives in Ukraine” and to protect European security.

A Downing Street spokesperson said UK Prime Minister Andy Burnham had spoken to Zelensky and offered his “complete solidarity”.

The pair had agreed Russia should acquiesce to “an immediate energy ceasefire” and end its attacks on shipping in the Black Sea, the spokesperson said, as “this would immediately release more energy and food supplies into the global market”.

News of the US-Russia diesel deal was also met with criticism by EU’s foreign affairs chief Kaja Kallas, who echoed Zelensky in saying that suspending sanctions “provides Moscow with more revenues to wage war”, adding: “This is not the time to ease pressure on Russia, and Europe won’t.”

She said European foreign ministers intended to approve the biggest set of sanctions on Russia since the start of its full-scale invasion on Monday.

The deal with Russia is the latest effort from Trump to lower fuel prices in the US ahead of the midterm elections, after months spent grappling with the political consequences of the Iran war.

That conflict, which began in February, has sent the cost of petrol and in particular diesel skyrocketing, which has soured his standing with the American public who have been stung by the higher pump prices and knock-on effects that led to across-the-board inflation.

The average price of diesel is currently $6.28 (£4.74) a gallon, according to the AAA – up from last month’s $5.94 average, and $3.68 last year.

Under the deal, Russia would release an initial 300,000 tonnes of diesel “to the American and global marketplace” followed by an additional 500,000 tonnes in November.

A further million would follow, Trump wrote on Truth Social, and then another 3m tonnes “within a short period of time” – but he noted that this delivery will be “based on the condition of their diesel refineries”.

In the past 10 months, Russia experienced two waves of severe fuel shortages across the country due to Ukrainian drones strikes on its oil refineries.

Diesel production in Russia dropped by an estimated 30%, according to the International Energy Agency.

Trump had already called for new elections in Ukraine last December, saying Ukrainian voters should have the choice to replace Zelensky.

Since the war broke out in 2022 Ukraine has been under martial law, meaning elections are suspended.

[BBC]

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