Tag: cds

Kamal Nath about BJP Netas

I’ve Seen Obscene CDs With BJP Netas In Them: Kamal Nath

By LokMarg

Former Chief Minister and PCC chief Kamal Nath on Thursday weighed in on the ongoing ‘obscene CDs’ controversy, saying he has also seen the CDs and they feature BJP leaders.

Nath made the remark while speaking to the media persons in Madhya Pradesh’s Satna district on Thursday.

Nath said, “I have seen the CDs. I was the chief minister at the time. I do not do this type of politics. At that time I didn’t see the need for any further investigation. I did not want the name of Madhya Pradesh to be defamed, which is why the matter was not brought to the fore. There are only BJP people on the CDs. There should be an investigation into these CDs. The truth should come out.”

Earlier, on Tuesday, veteran Congress Leader and Leader of Opposition Govind Singh said, “We have various obscene CDs of BJP ministers, MLAs, leaders and RSS volunteers. But raising allegations like this is not in our culture.”

Singh on Wednesday also invited BJP state president VD Sharma at his residence to see the ‘obscene’ CDs of BJP leaders, ministers, and MLAs. Singh said, “When Sharma comes to my residence, I will welcome him with a garland and then show him the CDs. I will not show the CDs publicly. I have many of them.”

Reacting to Singh’s sensational claim on the ‘obscene’ CDs, the BJP state president said, “Such comments do not behoove political leaders. It isn’t good to question one’s character through allegations not supported by evidence. He is an experienced leader holding a responsible party post. Such reckless remarks don’t suit him.”

“The BJP never resorts to such politics. I wish to reiterate that if he is a responsible leader, he should go public with whatever he has,” Sharma added.

Nath also targeted Chief Minister Shivraj Singh Chouhan, saying, “It seems he can’t digest his food unless he does two things — criticize Kamal Nath and lie.”

On the absence of Veteran Congress leader of Vindhya region, Ajay Singh Rahul, at the press conference, Nath said, “I have spoken to Ajay Singh and will keep talking to him. There is no division or dispute in the party.” (ANI)

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Pakistan's total debt

Pak’s Debt Surges To Rs 12 Trill In First Quarter

By LokMarg

Pakistan’s total debt and liabilities spiked by Pakistani Rupees (Rs) 12 trillion or 23.7 percent in the first quarter of the current fiscal year, the loan trance from the International Monetary Fund and the devaluation of the rupee pushed the numbers up significantly, The News International reported citing analysts.

In the fiscal year, 2022-2023, in July-September the debt and liabilities stood at Rs 62.46 trillion which is more than the same period of last fiscal year, accounting for Rs 50.49 trillion.
The country’s debt rose 24.7 percent to Rs59.37 trillion, while total liabilities increased 23 percent to Rs3.56 trillion.

Fahad Rauf, head of research at Ismail Iqbal Securities said the increase in the debt was mainly by external sources. “Mostly the IMF [International Monetary Fund] loan tranche of USD 1.2 billion and the impact of the rupee depreciation on overall external debt.”

The government’s domestic debt increased by 18.7 percent to Rs 31.40 trillion. The foreign debt stood at Rs 17.99 trillion in July-September FY2023, 30.2 percent up from a year earlier, according to the figures from the State Bank of Pakistan (SBP), according to The News International.

Total external debt and liabilities jumped 33.4 percent to Rs 28.94 trillion.

“Managing debt obligations is one of the biggest challenges facing the government,” said Mustafa Mustansir, head of research at Taurus Securities.

However, there are concerns about the conclusion of the ninth review of the IMF’s bailout package.

Although the date has not yet been set, the IMF staff mission is anticipated in Islamabad by the end of this month because the Fund needs Pakistan to make necessary modifications first.

The government is requesting some exceptions on performance criteria due to flood losses and the Fund’s insistence on maintaining the agreed tax-to-GDP ratio of at least 11 percent.

The delay in the IMF’s review is making foreign investors more anxious, reported The News International.

Meanwhile, Pakistan’s risk of default, measured through the five-year currency default swap (CDS) index, on Monday increased by 4.2 percentage points reaching a new high at 64.2 percent. The development indicates that Pakistan did not have the resources to make the growing import payments and foreign debt repayments in time, The Express Tribune reported.

Pakistan is due to repay USD 1 billion against a five-year Sukuk (Shariah-compliant bond) which is scheduled to mature on December 5, 2022. According to Topline Research, the yield (rate of return) on the Sukuk increased by 964 basis points in a day to 69.96 percent. The increase in the yield is hinting that investors were thinking that Pakistan might default on the $1 billion Sukuk.

State Bank of Pakistan (SBP) Governor Jameel Ahmad has said that Pakistan had foreign exchange reserves of “over USD 9 billion, which are more than enough” for paying imports and repaying foreign debt.

The five-year CDS indicated a high risk of default after Pakistan announced that Saudi Arabia’s Crown Prince Mohammad bin Salman had postponed his visit to Islamabad, as per reported by The News International. (ANI)

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