Connect with us

Business

IMF Board Meets Today; Pakistan Awaits $1.2 Billion Approval – SUCH TV

Published

on

IMF Board Meets Today; Pakistan Awaits .2 Billion Approval – SUCH TV



The Executive Board of the International Monetary Fund (IMF) is scheduled to meet today, with Pakistan expecting approval of approximately $1.2 billion, according to official sources.

The IMF’s board calendar for December 8–14 confirms that Pakistan’s case is on the agenda. The board is set to review the staff-level agreement recently reached with Islamabad.

Under the current loan programme, the board may approve the release of a $1 billion tranche. Additionally, Pakistan could receive the first $200 million installment from the Resilience and Sustainability Facility (RSF), which supports climate-related initiatives.

Final approval will be determined during the board’s deliberations.

Earlier reports indicated that Pakistan had agreed to a key IMF condition requiring a special audit of supplementary grants issued over the past ten years.

Pakistan has also accepted another IMF measure aimed at limiting the federal government’s discretionary authority in issuing supplementary grants.

The 10-day technical discussions between Pakistan and the IMF, which began on November 11, have concluded.

The talks focused on reforms in public finance management (PFM) and measures to improve transparency in the budget process.

According to sources, the digital Public Finance Management Assessment was reviewed, and oversight mechanisms for the digitized PFM master plan were discussed.

 



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

FDA withdrew studies finding Covid, shingles vaccines were safe 

Published

on

FDA withdrew studies finding Covid, shingles vaccines were safe 


The FDA blocked the publication of several studies supporting the safety of vaccines against Covid and shingles in recent months, a Health and Human Services Department spokesperson confirmed on Tuesday. 

It’s the latest effort by the Trump administration to challenge safe and effective shots in the U.S. and make them harder to access for some patients. Under Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic, federal health agencies have softened Covid shot recommendations, cut back research on vaccine development and attempted to overhaul the childhood immunization schedule, among other efforts. 

FDA scientists worked with data firms to analyze millions of patient records for the studies, which found side effects of the shots to be rare, the New York Times first reported on Tuesday. 

In October, the scientists were directed to withdraw two Covid shot studies that had been accepted for publication in medical journals, the Times reported. In February, top FDA officials did not sign off on submitting study abstracts on Shingrix, a shingles vaccine, to a drug safety conference, the paper added.

The HHS spokesperson told CNBC the recent studies were “withdrawn because the authors drew broad conclusions that were not supported by the underlying data.”

“The FDA acted to protect the integrity of its scientific process and ensure that any work associated with the agency meets its high standards,” they added. 

When asked about the shingles vaccine research, the HHS spokesperson said the design of that study “fell outside the agency’s purview.”

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.



Source link

Continue Reading

Business

Spirit starts monthslong process of dismantling airline after biggest collapse in a generation

Published

on

Spirit starts monthslong process of dismantling airline after biggest collapse in a generation


Spirit Airlines‘ more than three-decade run ended over the weekend, but on Tuesday it was just starting the monthslong process of dismantling the company after the biggest U.S. airline collapse in a generation.

Spirit and its stakeholders were in bankruptcy court in White Plains, New York, to start that process, which will take months. The hearing included discussions about airport landing fees, aircraft and staffing.

The carrier filed a cumulative wind-down budget of around $217 million, though that number could change.

The budget went out to February 2028. It included more than $52 million in employee costs through July and another more than $52 million for aircraft-related expenses.

The airline had 59 Airbus A320s in service and 63 in storage, as well as 37 of the larger A321s in service, and 13 of them in storage, according to aviation data firm Cirium. More than three-quarters of its fleet was leased.

Spirit shut down operations after years of struggles, most recently from heavy debt loads and a surge in costs.

Spirit’s lawyer, Marshall Huebner of Davis Polk, told a bankruptcy court on Tuesday that the jump in jet fuel prices following the U.S.-Israel attacks on Iran in February left the carrier with no choice but to shut down. That added $100 million in incremental costs for Spirit in March and April, he said.

U.S. bankruptcy court in White Plains, N.Y.

Leslie Josephs/CNBC

Talks for a potential government bailout in the form of a $500 million loan that could have given the government an up to 90% stake in Spirit fell apart late last week, and the carrier officially shut down at 3 a.m. ET on Saturday.

Spirit passengers scrambled to rebook reservations. American Airlines, JetBlue Airways, Southwest Airlines, United Airlines and others said they have flown tens of thousands of Spirit customers who were stranded by the collapse.

Spirit had flown about 50,000 people in the day leading up to its closure. The airline said about 17,000 direct and indirect employees lost their jobs.

“The closing of Spirit Airlines is a sad and unfortunate event that adversely affects many parties, and that’s particularly true for the thousands of folks who are Spirit employees and families who depend on them,” the presiding judge, Sean Lane, said at Tuesday’s hearing.

“The stress level for these employees and affinities is very high, and they likely have many questions,” he continued. “Hopefully there’ll be some information discussed today to provide some answers to some of those questions, or provides information about where to get those answers. Bankruptcy can be a very difficult process, and today is a sad example of that.”

Read more about Spirit Airlines’ recent challenges

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.



Source link

Continue Reading

Business

Lidl’s loyalty card becomes less generous, shoppers say

Published

on

Lidl’s loyalty card becomes less generous, shoppers say



Under the changed system customers collect points rather than reward coupons, with £1 spent equalling one point.



Source link

Continue Reading

Trending