In another setback, US cuts $440 million financial aid to Pakistan

Agencies
August 17, 2019

Washington, Aug 17: In another jolt to Pakistan, the United States slashed the aid to the cash-strapped nation by nearly US $440 million, bringing down its commitment to just US $4.1 billion.

The aid was disbursed under Pakistan Enhanced Partnership Agreement (PEPA) 2010, reported Express Tribune.

The US apprised Pakistan Prime Minister Imran Khan about its decision to cut aid three weeks before his planned visit to Washington.

Notably, the PEPA was signed in September 2010 to make operational the Kerry Lugar Berman (KLB) Act that was passed by the US Congress in October 2009 to disburse US $7.5 billion to Pakistan over a period of 5 years.

Earlier the aid under the KLB stood at nearly US $4.5 billion. Following the cut, the aid will come down to US $4.1 billion.

Last year in September, the United States' military cancelled the financial aid worth US $300 million to Pakistan due to the growing concerns regarding Islamabad's failure to tackle terrorism.

In January that year, Pentagon had cut US $1 billion worth financial aid to Pakistan, with defense secretary James Mattis and other officials citing Islamabad's failure to crack down on the Haqqani terror outfit as the reason behind it, Fox News reported.

During his meeting with Pakistan Prime Minister Imran Khan, last month, US President Donald Trump strongly criticised Islamabad for its behaviour which led to the cancellation of US aid amounting to US $1.3 billion to the country.

"We were paying US $1.3 billion to Pakistan as aid, for many years. The problem was...Pakistan was not doing anything for us. They were really subversive. They were going against us. I ended that about a year and a half ago, the US $1.3 billion (aid)," Trump said during his meeting with Khan.

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News Network
June 22,2020

Geneva, Jun 22: The global count of coronavirus cases has surpassed 8.7 million, with 183,020 new cases recorded on Sunday, the World Health Organisation said in its daily situation report.

Over the last 24 hours, 4,743 people died from COVID-19 worldwide, taking the death toll to 461,715 fatalities, according to the report.

The cumulative global toll of confirmed cases has now reached 8,708,008, as stated in the report.

The WHO Regional Director for Europe, Dr Hans Henri P. Kluge, shared that Europe accounts for 31 per cent of COVID-19 cases and 43 per cent of COVID-19 deaths globally.

Dr Kluge highlighted that several countries continue to face increasing disease incidence and that "preparing for the autumn is a priority now at the WHO Regional Office for Europe"

The United States continues to be worst affected by the contagion with the highest count of cases and fatalities -- 2.2 million and 118,895, respectively.

The novel coronavirus was declared a pandemic by WHO on March 11.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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News Network
June 29,2020

Paris, Jun 29: More than half a million people have been killed by the novel coronavirus, nearly two thirds of them in the United States and Europe, according to an news agency tally at 2200 GMT Sunday based on official sources.

The official death count for the disease now stands at 500,390 deaths from 10,099,576 cases recorded worldwide. The United States has suffered the highest death count (125,747), followed by Brazil (57,622) and the United Kingdom (43,550).

The tallies, using data collected by AFP from national authorities and information from the World Health Organization (WHO), probably reflect only a fraction of the actual number of infections.

Many countries are testing only the most serious cases.

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