China approves USD 700 million loan to Pakistan: Finance Minister Dar
Islamabad, Feb 22: Pakistan's all-weather ally China has approved a loan of USD 700 million and the funds will be transferred to the central bank this week, Finance Minister Ishaq Dar announced on Wednesday as the cash-strapped country tried to avert a financial crisis.
The announcement by Dar on the loan by the Board of China Development Bank (CDB) came a day after Pakistan's National Assembly unanimously passed a money bill aimed at raising tax revenues to fulfil the demands set by the International Monetary Fund (IMF) for seeking a USD 1.1 billion loan facility to avoid an economic meltdown.
Dar said all formalities have been completed with CDB and the funds would be transferred to the State Bank of Pakistan.
"Formalities have been completed and the Board of China Development Bank has approved the facility of USD 700 million for Pakistan. This amount is expected to be received this week by the State Bank of Pakistan which will shore up its forex reserves!" Dar tweeted.
Pakistan has a chronic balance of payments problem which was exacerbated in the last year, with the country's forex reserves declining to critical levels.
As of February 10, the central bank had only USD 3.2 billion in reserves, enough to cover barely three weeks of imports.
To stem dollar outflows, the government has imposed restrictions, allowing imports of only essential food items and medicines until a bailout is agreed upon with the IMF, which is seen as essential for the country to stave off default.
Pakistan has already fulfilled demands of the International Monetary Fund, including raising an additional Rs 170 billion in revenues by June before releasing crucial USD 1.1 billion out of an already agreed USD 7 billion loan program.
The country needed about USD 10 to USD 12 billion by June to pay back loans and meet the current account deficit.
The government headed by Prime Minister Shehbaz Sharif has decided to implement measures to cut down on its expenditures by increasing taxes on the public and bringing down government expenses.
The government has also ordered the Foreign Ministry to slash the number of missions abroad and reduce their offices, and staff and initiate other measures to cut down expenditures of the debt-ridden nation by 15 per cent.
In November, finance minister Dar said that Pakistan has secured a USD 13 billion bailout from China and Saudi Arabia with USD 5.7 billion in fresh loans. Dar was confident that the cash would come before the IMF programme revival.
However, it became clear with time that Islamabad's old allies refused to dole out more cash without the country first agreeing to the IMF's conditions. That was when Pakistan had to invite the IMF mission to negotiate the deal, The Express Tribune newspaper reported.
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Chiranjeevi enters Guinness World Records, recognised as most prolific star in Indian film industry
Hyderabad (PTI): Megastar K Chiranjeevi was on Sunday honoured by the Guinness World Records, which recognised him as the most prolific star in the Indian film industry in the actor/dancer category.
"The most prolific film star in Indian Film Industry-actor/dancer is Konidela Chiranjeevi aka Mega Star (India) achieved on 20 September 2024," said a certificate issued by the Guinness World Records, which was handed over to Chiranjeevi at an event here.
"This moment is unforgettable. I never sought recognition from the Guinness World Records, but it feels incredible to be honored for my dancing. It is dancing that truly made me a star and brought me so many rewards throughout my career," Chiranjeevi said after receiving the certificate.
"All these years of my film career, dance had become part of my life. I still remember dancing in front of legends like Savitri and my first dance steps on screen. I owe this recognition to the directors, producers, music directors, and choreographers who always made sure to showcase my dance performances in films," Chiranjeevi said thanking everyone for the honour.
"Mega star Chiranjeevi has performed 24,000 dance moves in 537 songs in his 156 films in a span of 45 years," sources close to the actor said.
"September 22 also happens to be the day when the mega star made his debut in the year 1978," they said.
Speaking on the occasion, Guinness World Records adjudicator Richard Stenning praised Chiranjeevi’s extraordinary contribution, stating, "after thoroughly reviewing all 156 films and his dance performances, we found this achievement to be officially amazing."
Superstar Aamir Khan, who shared the dais with Chiranjeevi, said he is a huge fan of the star.
"I see him as my elder brother. I was so happy that Chiranjeevi garu is being given this honour and I was really thrilled to know that. If you notice him in any song of his, "his own heart" is in it, and he is enjoying himself," Khan said.
Telangana Chief Minister A Revanth Reddy, Andhra Chief Minister N Chandrababu Naidu, Union Coal Minister G Kishan Reddy, and BRS Working President K T Rama Rao were among those who congratulated Chiranjeevi.
Revanth Reddy in a post on 'X' said, "It is a matter of pride for Telugu people that popular movie actor Konidela Chiranjeevi got a place in the Guinness Book of World Records."
In a post on 'X', Kishan Reddy said "Megastar for a reason! Congratulations to one of the most admired Indian film star Sri K Chiranjeevi Garu on being recognised as the Most Prolific Film Star in Indian Film Industry, Actor / Dancer. 24000 dance moves in 537 songs in his 156 films in a span of 45 years - This is simply incredible! This is an iconic feat. Your legacy will be an inspiration for generations.@KChiruTweets".
Chandrababu Naidu in a post on 'X' said "I extend my heartiest congratulations to Mega Star and Padma Vibhushan awardee, @KChiruTweets Garu, on being recognised by The Guinness World Records as the Most Prolific Film Star in Indian Film Industry, Actor/ Dancer. He has made an unparalleled contribution to Telugu cinema with his grace and artistry. This recognition not only adds another feather to his cap, but it also elevates the pride of Telugu people all over the world."
Chiranjeevi is one of the top stars of the South cinema, having worked in over 150 feature films in Telugu as well as Hindi, Tamil and Kannada.
Some of his popular films include "Rudra Veena", "Indra", "Tagore", "Swayam Krushi", "Sye Raa Narasimha Reddy", "Stalin" and "Gang Leader".
He was bestowed with the Padma Vibhushan, the second highest civilian honour awarded for exceptional and distinguished service, along with Indian cinema icon Vyjayanthimala, in May this year.
He was previously honoured with Padma Bhushan in 2006.
