Today’s top Pakistan current affairs February 17, 2021 with download link available in pdf. These are the latest breaking news about Pakistan which will be helpful for aspirants in test preparation of current affairs, Pakistan affairs, General knowledge for NTS, PPSC, CSS, FPSC, KPPSC, SPSC, BPSC, AJKPSC, OTS, PTS, and other Govt Jobs, exams & MDCAT, ECAT Entry test preparation.
One Liner
- Secret Operation By Security Forces In Mir Ali Kills Three Terrorists. Three terrorists were killed in an intelligence based operation by security forces in Mirali area of North Waziristan.
- PM Imran Khan launches spring tree plantation drive. Prime Minister Imran Khan has launched the 2021 spring tree plantation drive during a ceremony after planting a sapling in Islamabad
- PM Khan Likely Visit Sri Lanka Next Week. Prime Minister Imran Khan will be leading a high level delegation on his first visit abroad this year, when he leaves for Sri Lanka at the end of this month.
- Federal govt notifies cut in passport fee. Federal government on Wednesday notified a cut in the fee of a 10-year passport after Federal Interior Minister Sheikh Rasheed Ahmed announced the decision a day before
- Govt hints at lifting Covid-19 restrictions from March 1. The federal cabinet meeting on Wednesday decided to lift all restrictions on businesses from March 1 that had been placed last year to curb the spread of coronavirus
- Pakistanis living in Norway allowed to keep dual nationality. In a landmark decision, the Pakistan government on Wednesday has allowed its citizens living in Norway to keep dual nationality
- Gold prices drop in domestic market. Gold prices fall in the domestic market as per tola price of yellow metal registered a decline of Rs900 to 110,300 in the local market
- Pakistani rupee strengthens against US dollar. The Pakistani rupee continued to strengthen against the United States (US) dollar on Wednesday as it appreciated by 28 paisa against the greenback in the interbank.
- South Africa’s Faf du Plessis retires from Test cricket. Former South Africa skipper Faf du Plessis announced that he is bidding farewell to Test cricket with immediate effect.
Spotlight by The NewsRun
1. COVID-19 IN PAKISTAN
- 24-hour count: Pakistan reported 958 new cases and 47 deaths in 24 hours. Pakistan also conducted 31,905 tests in the span of 24 hours (P.S. this data was last updated on February 16 at 10:25am).
2. IMF and Pakistan revive delayed bailout program
What’s going on? Remember the International Monetary Fund’s (IMFs) $6 billion bailout program for Pakistan? IMF staff and Pakistani authorities agreed on a new package of measures that aim to support the economy, ensure appropriate debt management, and improve structural reforms.
The details: The IMF funds have been on hold since last year, since Prime Minister (PM) Imran Khan initially said ‘no’ to increasing electricity prices and adding more taxes to raise tax revenue (i.e. income the govt makes through taxation). Now, the govt has reportedly agreed to pursue those fiscal measures between February and May this year. In fact, the govt already raised energy prices. These rising prices are coming at a time when inflation in Pakistan is on the higher side (P.S. high inflation indicates an increase in general prices).
The context: In 2019, Pakistan requested funds from the IMF’s Extended Fund Facility (EFF) to help stabilize the economy, which was struggling with a big current account deficit and low foreign exchange reserves. Pakistan eventually reached out to the IMF months after PM Khan’s newly elected govt refused to ask for a financial bailout. As a part of the three year loan program, the IMF is working with Pakistan to implement economic reforms in the country.
In case you need a quick economics refresher, and don’t have time to Google what these terms mean:
- Current Account Deficit: When a country spends more money on what it imports than what it exports, meaning, more money is leaving the country, instead of coming into the country.
- Foreign Exchange Reserves: Central banks hold foreign exchange reserves (i.e. any foreign money). If a country has low foreign reserves, and there is excess demand for foreign currency (e.g. dollars), then the price of the foreign currency could go up, causing the country’s own currency to decrease in value. Basically, when a country’s currency is low in value, that country’s goods become cheaper. At the same time, a devalued currency makes foreign goods more expensive for domestic residents to purchase, which sucks if you are a person or business that relies on imported products. Also, central banks use foreign reserves to meet external payment obligations, like paying debts.
Looking ahead: The IMF Executive Board still needs to do a final review and give its stamp of approval before releasing $500 million in IMF Funds to Pakistan – a segment of the total $6 billion. Finance Minister, Dr Abdul Hafeez Shaikh, said this is “a good development for Pakistan.”
The bottom line: It was unclear where Pakistan and the IMF stood regarding the bailout program. The latest agreement between Pakistan and the IMF reportedly ended a long period of uncertainty.
3. Pakistani doctor’s book featured in Book Authority
Dr. Zubaida Sirang’s book, “Optics Made Easy,” ranked #2 in Book Authority’s list of “23 Best New Optics Books to Read in 2021”. Book Authority reportedly identifies and rates the best books in the world, based on recommendations by thought leaders and experts. Book Authority also featured Dr. Sirang’s book in three other lists: “64 Best Ophthalmology eBooks of All Time,”, “72 Best Optics eBooks of All Time,” and “25 Best New Ophthalmology Books to Read in 2021.” Dr. Sirang is an eye surgeon from Chitral, Khyber Pakhtunkhwa. She completed her MBBS from Aga Khan University in Karachi, and is pursuing a specialization in Surgical Ophthalmology from Ireland.
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