News

IMF The International Monetary Fund on Tuesday took aim at new British financial plans that have roiled markets, warning that "large and untargeted fiscal packages" would likely increase inequality in Britain and could undermine monetary policy. In its first comments on plans by Britain's new finance minister Kwasi Kwarteng, which have sent sterling and bonds into free fall, the IMF urged UK authorities to consider providing more targeted support to families and business instead of sizable tax cuts and sharply higher government spending. “We are closely monitoring recent economic developments in the UK and are engaged with the authorities," an IMF spokesperson said, in response to a query from Reuters after the British pound hit an all-time low amid spiking market concerns. "Given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at … [Read more...] about IMF says UK fiscal measures will ‘likely increase inequality,’ urges rethink

Pakistan Finance Minister Miftah Ismail on Sunday stepped down from his post to make way for Ishaq Dar to take over the reins of the country's cash-strapped economy. The formal decision to put 72-year-old Dar in the driving seat of the financial affairs was taken in during a meeting between the Prime Minister Shehbaz Sharif and his brother Nawaz Sharif in London on Saturday. Both the finance minister Miftah Ismail and his successor Ishaq Dar were present in the meeting, besides other leaders of Pakistan Muslim League-Nawaz (PML-N). Miftah handed over his resignation to the elder Sharif, who is out of politics due to conviction in corruption cases but his decisions are considered binding on the party. I worked to the best of my ability for four months, and remained loyal to the party and the country, Miftah was quoted as saying by the PML-N in a statement. Close Former premier Sharif appreciated the efforts made by Miftah for carrying out the responsibilities … [Read more...] about Pakistan Finance Minister Miftah Ismail steps down; makes way for senior PML-N leader Ishaq Dar to take over

Pakistan International Airlines (PIA). Pakistan International Airlines (PIA) was forced to issue a clarification on Friday after the state-owned carrier received much flak for its bizarre dress code for its cabin crew, instructing them that wearing undergarments underneath the uniform was a must. On Thursday, PIA told its crew that wearing undergarments underneath the uniform was a must, saying that a lack of proper attire would leave a "poor impression" and "portrays a negative image" of the airline. Not surprisingly, the diktat was massively criticised from several quarters, terming it as "inappropriate." The national carrier immediately withdrew the bulletin, due to the backlash it received, Geo News reported. Barely 24 hours later, the airline, in an attempt to downplay the incident, came out with a carefully-worded clarification. Despite the fact that the spirit behind the advisory was to ensure proper dress code, however, the standard bulletin, inadvertently, came … [Read more...] about Pakistan airline tells crew to ‘wear proper undergarments’, then withdraws order