Pak to receive USD 2.1 billion loan from China by March 21
Islamabad: Cash-strapped Pakistan will receive over USD 2 billion loan from its "all-weather" ally China by Monday to provide a boost to its ailing economy, the Finance Ministry has announced.
Ministry's adviser and spokesperson Khaqan Najeeb Khan said that "all procedural formalities" for the transfer of the USD 2.1 billion (15 billion yuan) loan being provided by the Chinese government have been completed, and "the funds will be deposited in the State Bank of Pakistan's account by Monday, March 25", the Dawn newspaper reported.
Pakistan has received USD 1 billion each from Saudi Arabia and the UAE, as part of the bailout packages by the two Gulf nations to help shore up Islamabad's dwindling foreign currency reserves.
Saudi Arabia's assistance was part of the USD 6 billion bailout package - USD 3 billion balance-of-payments support and another USD 3 billion in deferred payments on oil imports - which Riyadh had agreed in October last year.
Islamabad is also in talks with the International Monetary Fund (IMF) for a bailout package.
The loan facility "will further strengthen foreign exchange reserves and ensure balance of payment stability," the spokesperson said.
Following a meeting in Beijing between Chinese Premier Li Keqiang and Prime Minister Imran Khan in November 2018, China said that it was willing to offer assistance to Pakistan to help it weather its current fiscal woes but the terms of such aid were still being discussed.
Shortly after, Chinese Consul General Long Dingbin had said during an interview that in order to "boost Pakistan's economy", Beijing was investing in multiple sectors and launching business ventures instead of providing loans.
Earlier, Pakistan officials said that Islamabad would seek around USD 8 billion from the IMF which would be the biggest package by the Fund for Islamabad.
Although the Pakistan government has secured a breathing space from Saudi Arabian and the UAE loans, an IMF programme is essential to unlock access to resources from other multilateral lenders like the World Bank and the Asian Development Bank, as well as the global capital markets.
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Sadananda Gowda expresses pain over factionalism in Karnataka BJP, urges central leadership to act
Bengaluru: Senior BJP leader D V Sadananda Gowda on Thursday expressed pain over factionalism in the Karnataka unit of his party and called it a " big tragedy". The former Union Minister also expressed displeasure over the party high command's delay in taking action, despite his letters and urged them to intervene and to act against those indulging in "indiscipline".
"There were Maharashtra and Haryana polls, as polls are a big challenge, it is natural to keep aside party issues in the states, where there are no polls, for later. So there may be some delay, but I don't think they will be silent," Gowda said responding to a question on factionalism within the party and high command's silence on it.
Addressing reporters here, he said, "However, there is truth in your question, because I have written two letters, one earlier and the other recently as dissent started brewing. But there was no reply for both, which made me feel that the central leadership was not paying attention to issues here." "It is a tragedy that Karnataka, which is regarded as the gateway for the BJP to south India, today has several doors (referring to groups within)," he added.
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A group of party leaders led by senior MLA Basanagouda Patil Yatnal, that include BJP MLA Ramesh Jarkiholi are critical of state leadership, especially President B Y Vijayendra, and are even holding parallel agitations over the Waqf land issue, after staying away from protests held by the party on the same issue. Yatnal and Jarkiholi have been openly critical of Vijayendra, accusing him of indulging in "adjustment politics" with the ruling Congress, and trying to keep the party in his clutches, along with his father and veteran leader B S Yediyurappa.
Recalling that there was much stronger groupism in the party earlier between the factions led by stalwarts, who built the party in the state -- late Ananth Kumar and Yediyurappa, Gowda, who had also served as the state president in the past, said, "but the rift never came to the streets then."
"In Karnataka BJP's history, this is the first time that the internal confusions within the party have come to the streets. This is painful. None of the so called self styled senior leaders of the party in the state, including me, are in a situation to set this right, while some are not even trying to set things right as it will benefit them, there are such leaders too in the party here. So high command has to intervene," he added.
Despite the ruling Congress in Karnataka giving issues to the opposition in a "golden bowl", Gowda said, the internal differences in the party is overshadowing it, and this has pained the party workers.
"Now I don't have any other responsibility other than being part of the party's core committee, but I'm pained looking at the situation of the party that gave me everything including positions of governing the state..... This is a big tragedy," he said.
Appealing to the party leadership to have a "serious look" at the party affairs in Karnataka before the Delhi elections, the former CM even requested them not to compromise on discipline. If action is taken against those who are wrong after detailed inquiry, the party will unite once again, he said. "People of the state want BJP."
Pointing to the saffron party's defeat in the recent by-polls in Shiggaon, Sandur and Channapatna assembly segments, Gowda said, people are not discussing Congress' maladministration, but division and groupism in the BJP. "Despite the BJP having good ideas and agenda, we lack a strong system to encash it." BJP's weakness of groupism has become Congress' strength, he added. Replying to a question on Yatnal and team not accepting Vijayendra as president, Gowda said, "The state president was appointed by the national leadership and that decision has to be accepted. If anyone has reservations about it, they should tell the leadership and not discuss it on the streets."
