After $6 billion funding from Saudis, Pakistan PM now looks to China

Agencies
October 26, 2018

Islamabad, Oct 26: Pakistan’s Prime Minister Imran Khan will visit China next week, authorities said Thursday, as the former cricketer mounts a desperate search for funds to prop up the nation’s dire finances.

The confirmation of Khan’s first visit to China as premier comes days after Pakistan secured $6 billion dollars in funding from Saudi Arabia to help stave off a widening balance of payment crisis.

Khan said in a televised address Wednesday that he was working to nail down Saudi-style financing packages from two additional, unnamed countries to reduce the size of a potential loan from the International Monetary Fund.

The foreign affairs ministry said Khan would meet with Chinese President Xi Jinping and Premier Li Keqiang on the November 2-5 trip which will take in Beijing and and the commercial hub of Shanghai.

“The visit will provide an opportunity for the two countries to review the entire spectrum of bilateral relations with special reference to CPEC,” foreign ministry spokesman Muhammad Faisal told AFP, referring to the China-Pakistan Economic Corridor.

CPEC is a multi-billion-dollar infrastructure project aimed at building energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan.

However, given Pakistan’s deteriorating finances, in recent months there have been concerns that portions of the ambitious agreement may have to be scaled down.

Analysts said Khan will be pushing for financial assistance from Beijing during the visit.

“Pakistan would certainly like China to play its role in supporting our balance of payments and this is going to be one major subject of discussions,” said economist Salman Shah.

“China has been providing financial support to Pakistan in difficult times and this will not be something new if they come forward this time also.” Since taking power in August, Khan has sought loans from “friendly” countries like Saudi Arabia, vowed to recover funds stolen by corrupt officials, and embarked on a series of populist austerity drives to raise cash.

Pakistan has gone to the IMF repeatedly since the late 1980s.

The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.

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News Network
May 14,2020

May 14: The UN’s children agency has warned that an additional 6,000 children could die daily from preventable causes over the next six months as the COVID-19 pandemic weakens the health systems and disrupts routine services, the first time that the number of children dying before their fifth birthday could increase worldwide in decades.

As the coronavirus outbreak enters its fifth month, the UN Children’s Fund (UNICEF) requested USD 1.6 billion to support its humanitarian response for children impacted by the pandemic.

The health crisis is “quickly becoming a child rights crisis. And without urgent action, a further 6,000 under-fives could die each day,” it said.

With a dramatic increase in the costs of supplies, shipment and care, the agency appeal is up from a USD 651.6 million request made in late March – reflecting the devastating socioeconomic consequences of the disease and families’ rising needs.

"Schools are closed, parents are out of work and families are under strain," UNICEF Executive Director Henrietta Fore said on Tuesday.

 “As we reimagine what a post-COVID world would look like, these funds will help us respond to the crisis, recover from its aftermath, and protect children from its knock-on effects.”

The estimate of the 6,000 additional deaths from preventable causes over the next six months is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health, published on Wednesday in the Lancet Global Health Journal.

UNICEF said it was based on the worst of three scenarios analysing 118 low and middle-income countries, estimating that an additional 1.2 million deaths could occur in just the next six months, due to reductions in routine health coverage, and an increase in so-called child wasting.

Around 56,700 more maternal deaths could also occur in just six months, in addition to the 144,000 likely deaths across the same group of countries. The worst case scenario, of children dying before their fifth birthdays, would represent an increase "for the first time in decades,” Fore said.

"We must not let mothers and children become collateral damage in the fight against the virus. And we must not let decades of progress on reducing preventable child and maternal deaths, be lost,” she said.

Access to essential services, like routine immunisation, has already been compromised for hundreds of millions of children and threatens a significant increase in child mortality.

According to a UNICEF analysis, some 77 per cent of children under the age of 18 worldwide are living in one of 132 countries with COVID-19 movement restrictions.

The UN agency also spotlighted that the mental health and psychosocial impact of restricted movement, school closures and subsequent isolation are likely to intensify already high levels of stress, especially for vulnerable youth.

At the same time, they maintained that children living under restricted movement and socio-economic decline are in greater jeopardy of violence and neglect. Girls and women are at increased risk of sexual and gender-based violence.

The UNICEF pointed out that in many cases, refugee, migrant and internally displaced children are experiencing reduced access to protection and services while being increasingly exposed to xenophobia and discrimination.

“We have seen what the pandemic is doing to countries with developed health systems and we are concerned about what it would do to countries with weaker systems and fewer available resources,” Fore said.

In countries suffering from humanitarian crises, UNICEF is working to prevent transmission and mitigate the collateral impacts on children, women and vulnerable populations – with a special focus on access to health, nutrition, water and sanitation, education and protection.

To date, the UN agency said it has received USD 215 million to support its pandemic response, and additional funding will help build upon already-achieved results.

Within its response, UNICEF has reached more than 1.67 billion people with COVID-19 prevention messaging around hand washing and cough and sneeze hygiene; over 12 million with critical water, sanitation and hygiene supplies; and nearly 80 million children with distance or home-based learning.

The UN agency has also shipped to 52 countries, more than 6.6 million gloves, 1.3 million surgical masks, 428,000 N95 respirators and 34,500 COVID-19 diagnostic tests, among other items.

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News Network
June 3,2020

Washington, Jun 3: US President Donald Trump's administration on Tuesday announced investigations into foreign digital services taxes it says are aimed squarely at American tech firms.

Following a similar trade investigation against France last year, the US Trade Representative office now is looking into taxes in Britain and the European Union, as well as Indonesia, Turkey and India.

"President Trump is concerned that many of our trading partners are adopting tax schemes designed to unfairly target our companies," USTR Robert Lighthizer said in a statement.

"We are prepared to take all appropriate action to defend our businesses and workers against any such discrimination."

Washington opposes the efforts to tax revenues from online sales and advertising, saying they single out US tech giants like Google, Apple, Facebook, Amazon and Netflix.

The US and France have agreed to negotiate till the end of the year over a digital services tax Paris approved in 2019, after USTR found them to be discriminating and threatened retaliatory duties of up to 100 percent on French imports such as champagne and camembert cheese.

Trump has embroiled the US in numerous trade disputes since taking office in 2017, including a months-long trade war with China that cooled with the signing of a partial deal in January.

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News Network
February 19,2020

London, Feb 19: UK Home Secretary Priti Patel today announced the launch of the Britain's new points-based visa system, aimed at attracting the "brightest and the best" from the world, including from India, and cutting down numbers of cheap, low-skilled workers coming to the country.

The new system will come into force from January 1, 2021 at the end of the transition period after the UK's exit from the European Union (EU) last month, which will formally end free movement of people within the economic bloc for the UK as a non-member.

The new post-Brexit system, which will apply equally to the EU and non-EU countries like India, is based on assigning points for specific skills, qualifications, salaries and professions, with visas only awarded to those who gain enough points.

"Today is a historic moment for the whole country. We're ending free movement, taking back control of our borders and delivering on the people's priorities by introducing a new UK points-based immigration system, which will bring overall migration numbers down," said Ms Patel, the senior-most Indian-origin Cabinet minister.

"We will attract the brightest and the best from around the globe, boosting the economy and our communities, and unleash this country's full potential," Ms Patel, in charge of the UK's visa and immigration system, said.

The UK Home Office said the new system is a direct response to the 2016 referendum in favour of Brexit, which was seen as a vote to end the country's reliance on cheap migrant labour and reduce overall levels of migration with tighter security.

"The new single global system will treat the EU and non-EU citizens equally. It will give top priority to those with the highest skills and the greatest talents, including scientists, engineers and academics," the Home Office said.

The Global Talent Scheme, a fast-track visa to be in operation from Friday, will also apply to the EU citizens from next year to allow highly-skilled scientists and researchers to come to the UK without a job offer.

Professor Alice Gast, President of Imperial College London, said: "British science is global. The new post-study work and Global Talent visas will help us to attract the world's brightest students and researchers, wherever they come from."

"From the race to develop a coronavirus vaccine to clean energy, British science's international collaborations drive innovation and excellence."

The government said the points threshold for the new system will be carefully set to attract the talent the UK needs. Skilled workers will need to meet a number of relevant criteria, including specific skills and the ability to speak English, to be able to work in the UK. All applicants will be required to have a job offer and, in line with the Migration Advisory Committee''s (MAC) recommendations, the minimum salary threshold will be set at 25,600 pounds - lower than the previous 30,000 pounds level for Tier 2 work visas.

The new points-based system will also expand the skills threshold for skilled workers.

Those looking to live and work in the UK will need to be qualified up to A-level or equivalent, rather than degree-level under the current system. This will provide greater flexibility and ensure UK business has access to a wide pool of skilled workers, the Home Office said.

In line with the British Prime Minister Boris Johnson's manifesto commitment in the December 2019 General Election, there will be no specific route for low-skilled workers.

"It is estimated 70 per cent of the existing EU workforce would not meet the requirements of the skilled worker route, which will help to bring overall numbers down in future," the Home Office said.

Student visa routes will also be points-based and be opened up to EU citizens from next year.

Those wishing to study in the UK will need to demonstrate that they have an offer from an approved educational institution, that they can support themselves financially and that they speak English.

To address the specific labour concerns of the agricultural sector reliant on seasonal workers from the EU, the Seasonal Workers Pilot will be expanded in time for the 2020 harvest from 2,500 to 10,000 places.

EU citizens and other non-visa nationals will not require a visa to enter the UK when visiting the UK for up to six months.

However, the use of national identity cards will be phased out for travel to the UK and the Home Office highlighted that as part of its post-Brexit offer, those EU citizens resident in the UK by December 31 2020 can still apply to settle in the UK through the EU Settlement Scheme until June 2021.

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