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Pakistan is in talks to release of $1.1bn (£890m) of cash from the International Monetary Fund (IMF) to help ease its financial crisis.

Pakistan’s economic woes are a culmination of years of political turmoil, a financial crisis and last year’s catastrophic floods, with its reserves only able to cover three weeks – rather than the required three months.

Inflation is also thought to stand at around 24% to 26%, according to the country’s finance ministry, and the currency has been devalued against the dollar.

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The IMF delegation will be encouraging the Pakistani government to implement bold cost-cutting measures to help it bridge its financial gap, with mission chief Nathan Porter saying: “You don’t have any other option.”

In 2019, Pakistan secured a $6bn (£4.9bn) bailout from the IMF. It got another $1bn (£811m) last year to help overcome the devastating floods, but in November the IMF suspended payments, saying the government failed to make progress on its fiscal consolidation.

In response, Ishaq Dar, the country’s finance minister, told the IMF it had made some efforts to bring its crisis under control, including increasing taxes on petrol and natural gas, and increased prices for electricity.

If released, the cash from the IMF would go towards paying its external debt to the tune of $8bn, which has to be paid by the end of June.

Backlogs at ports, factories closed and electricity blackouts

The government has stopped issuing lines of credit, causing a backlog of container ships at the port of Karachi, while industry has been battered by the currency devaluation and imports block.

Domestic investment has dried up, with textile factories partially closing due to demand, and construction projects have been delayed due to lack of investment.

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Communities flee flooding

There has also been severe energy shortages, which has hindered remaining economic activity, while companies that generate and supply energy struggle with the high costs of fuel and turn off the electricity grid to save money.

Last week the country of 243 million people was plunged into darkness after a major breakdown of the national grid, which lasted several hours – the impact was felt on schools, hospitals, businesses and industry further hindering economic activity.

The country’s economy has been faltering for many years, with the floods in 2022 pushing it over the edge.

Pakistan’s floods impacted a third of the country and wiped out millions of hectares of crops. Almost 2,000 people were killed, and around 33 million people were displaced, with damage thought to cost around $40bn (£32.4bn).

Successive governments have been accused of making little effort to widening the tax net and increasing sources of revenue, while loans from allies such as China, Saudi Arabia and the United Arab Emirates kept its economy afloat.

FILE PHOTO: People wait their turn to get fuel at a petrol station, in Karachi, Pakistan June 2, 2022. Picture taken June 2, 2022. REUTERS/Akhtar Soomro/File Photo
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Fuel taxes have been increased. File pic: Reuters

Some blame former PM Imran Khan

Former prime minister Imran Khan, and his government, have been accused of contributing to the immediate crisis. A year into his premiership, the fiscal deficit shot to a record high of $25.3bn (£20.5bn) and by the time he was ousted early last year, inflation was over 12%.

Mr Khan delayed approaching the IMF, despite economists recommending it, saying he wants to shun the practice of approaching foreign entities with a “begging bowl”.

However, his government was unable to bear the costs of a slew of welfare schemes it rolled out – though it helped his popularity.

His government’s reluctance to increase fuel costs, even in early 2022 when international crude rates had breached the $100 mark due to the war in Ukraine war, meant the state exchequer lost precious dollars.

People warm themselves by a fire beside a solar panel, a day after a country-wide power breakdown, in Peshawar, Pakistan, January 24, 2023. REUTERS/Fayaz Aziz

Is Pakistan going the same way as Sri Lanka?

There is comparison of what is taking place in Pakistan with the collapse of the Sri Lankan economy last year.

But this is unlikely, as almost half of Sri Lanka’s external debt was owed to private creditors while for Pakistan, this is only about 8% of what it owes.

Pakistan’s large bilateral loan payments are to friendly countries like Saudi Arabia, the UAE, and China, which will be rolled over.

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With the present government starting to implement changes that would satisfy the IMF and a release of the $1.1bn tranche, this will pave the way for the release of the loan and other bilateral assistances.

But more importantly, Pakistan is a nuclear nation and a geostrategic country, and its allies, and the world, would prevent its economy from collapsing.

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Tel Aviv football derby cancelled after ‘violent riots’, as club describes ‘brutal police violence’

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Tel Aviv football derby cancelled after 'violent riots', as club describes 'brutal police violence'

A football derby in Tel Aviv between Hapoel and Maccabi has been cancelled after “violent riots”, according to Israeli police.

Nine people were arrested on Sunday night at Bloomfield Stadium, a venue shared by both clubs. Hapoel were the home team for the game.

A statement from Israeli police said the game was called off “following disturbances and violent riots” in which 13 civilians and three officers were injured by pyrotechnic devices.

“These are very serious incidents that posed a real danger to the lives of police officers and civilians,” the statement added.

But Hapoel Tel Aviv Football Club released a statement with a very different perspective on policing at the match.

“From the preliminary discussions prior to the match, it appears that the police were preparing for war rather than a sporting event,” a spokesperson said.

Outside the stadium, mounted police attempt to control crowds. Pic: Israeli police
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Outside the stadium, mounted police attempt to control crowds. Pic: Israeli police

Footage released by Israeli police shows a flare or firework landing near officers. Pic: Israeli police
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Footage released by Israeli police shows a flare or firework landing near officers. Pic: Israeli police

They added: “Most of the injuries from the event were caused by brutal police violence at the end of the game, as a direct result of the scandalous decision to cancel the event.

“Everyone saw the disturbing videos of children being trampled by horses and police officers indiscriminately beating fans.”

Israeli police have not yet responded to the allegations from Hapoel.

A Maccabi statement read: “Following the police’s decision, it was determined that the Tel Aviv derby will not take place tonight.”

Footage shared by the police shows projectiles and flares being thrown on to the pitch, as well as unrest outside the stadium and arrests being made.

What looked like smoke canisters were seized by officers. Pic: Israeli police
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What looked like smoke canisters were seized by officers. Pic: Israeli police

Maccabi ban criticised

On Thursday, Maccabi supporters were told they are not allowed to attend November’s Europa League game against Aston Villa in Birmingham next month after a decision by Birmingham’s Safety Advisory Group (SAG).

The group – made up of local stakeholders, including representatives from the council, police and event organisers – said the decision was due to a high risk of violence based on “current intelligence and previous incidents”.

Ed Miliband told Sky’s Sunday Morning With Trevor Phillips that ministers are “working with the relevant authorities” to secure additional resources and ensure fans of both teams can attend next month’s European clash.

He insisted Aston in Birmingham cannot become a “no-go area” for Jews.

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Aston ‘can’t be no-go area for Jews’

The energy secretary also said that he “profoundly” disagrees with the “approach” taken by a local MP who started a petition calling for fans of Maccabi Tel Aviv to be banned from the Aston Villa game.

The petition states: “Their arrival in Aston – a diverse and predominantly Muslim community – poses a real risk of tensions within the community and disorder.”

Mr Miliband pushed back on that point. He said the “vast majority of Muslim people in this country would disassociate themselves” from suggestions that Maccabi Tel Aviv fans could not come to Aston Villa because it was a predominantly Muslim area.

His Tory counterpart, Claire Coutinho, was also highly critical of the petition, telling Phillips: “I think politicians need to have the courage to name some of the problems that this country is facing. And one of those problems is political Islam.”

Read more from Sky News:
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Analysis: Ban raises serious questions

Petition reaction ‘false and inflammatory’

The independent MP for Birmingham Perry Barr, Ayoub Khan, criticised those comments.

“I utterly reject the false and inflammatory characterisations… regarding my recent petition,” he said in a statement.

“The petition I launched reflected genuine and widespread concern from my constituents about public safety and community cohesion. It did not call for anyone to be ‘banned because they are Jewish’ nor did it single out any faith or ethnicity.

“To distort this into an issue of religion or antisemitism is deeply irresponsible and frankly dangerous. I have consistently condemned all forms of hatred – including antisemitism and Islamophobia – and I will continue to do so.”

The government is expecting West Midlands Police to set out early next week what they would need to police the game safely with both sets of fans present.

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Cargo plane slides off runway in Hong Kong killing two people

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Cargo plane slides off runway in Hong Kong killing two people

A cargo plane has skidded off the runway into the sea while landing at Hong Kong International Airport, killing two people on the ground.

Images taken after the crash which happened around 3.50am (8.50pm UK time) showed a Boeing 747 cargo aircraft partially submerged in water near the airport’s sea wall.

The AirACT plane, travelling from Dubai, could be seen with escape slides deployed and the nose and tail sections separated. Four crew on board survived.

The nose and tail sections separated after the crash. Pic: Reuters
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The nose and tail sections separated after the crash. Pic: Reuters

Escape slides were deployed and all four crew survived. Pic: Reuters
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Escape slides were deployed and all four crew survived. Pic: Reuters

Rescue teams circle the partially submerged green tail of the aircraft. Pic: AP
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Rescue teams circle the partially submerged green tail of the aircraft. Pic: AP

Two security staff were killed when the aircraft struck their vehicle, shunting it into the sea, said Steven Yiu, executive director of airport operations at Airport Authority Hong Kong.

At a news conference, he told reporters about the rescue operation.

“Four aircraft crew on board were quickly rescued by Fire Service Department [which] also rescued two security staff from the sea.

“One was certified dead at the hospital and the other certified dead at the scene.

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“We are deeply saddened and extend our deepest condolence. We will provide the family with all necessary support and assistance.”

Steven Yiu from Airport Authority Hong Kong told reporters two security staff have been killed. Pic: AP
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Steven Yiu from Airport Authority Hong Kong told reporters two security staff have been killed. Pic: AP

Mr Yiu showed a map of the northern runway and the crash site. Pic: AP
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Mr Yiu showed a map of the northern runway and the crash site. Pic: AP

He explained that the security vehicle was patrolling the north runway along a road that was outside the runway fence when it was struck.

The northern runway at the world’s busiest cargo airport is closed while the south and central runways are continuing to operate.

“According to information we have at that moment, weather and the runway condition were safe and met all conditions for runway operation. An investigation is continuing.” Mr Yiu added.

Emirates said in a statement that flight EK9788 sustained damage on landing in Hong Kong on Monday and was a Boeing 747 cargo aircraft wet-leased from and operated by ACT Airlines.

“Crew are confirmed to be safe and there was no cargo onboard,” the airline said.

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Man Ka-chai, chief accident and safety investigator for Hong Kong’s Air Accident Investigation Authority, confirmed air
traffic control had directed the flight to land at the north runway, but added: “We didn’t receive any message requesting
help from the pilot.”

ACT Airlines is a Turkish carrier that provides extra cargo capacity to major airlines. It did not respond immediately to a request for comment outside normal business hours.

Flight tracking service FlightRadar24 said the aircraft involved in the accident was 32 years old and had served as a passenger plane before being converted into a freighter.

Hong Kong’s Civil Aviation Department said in a statement that the aircraft had “deviated from the north runway after landing and ditched into the sea”.

Airport Authority Hong Kong said the northern runway would reopen after safety inspections were complete.

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‘Race against time’ as police try to recover ‘priceless’ jewels from Louvre – as authorities reveal details of daring raid

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'Race against time' as police try to recover 'priceless' jewels from Louvre - as authorities reveal details of daring raid

Police face “a race against time” to recover “priceless” objects stolen by thieves in a daring heist at the Louvre museum in Paris, Sky News has been told.

The world-famous museum was forced to close on Sunday after thieves accessed a gallery containing the French Crown Jewels at around 9.30am local time.

Art detective Arthur Brand said the heist is “the theft of the decade” – adding in order to recover the “priceless” items, police will need to find the culprits in just one week.

“These crown jewels are so famous, you just cannot sell them,” Mr Brand told Sky News. “The only thing they can do is melt the silver and gold down, dismantle the diamonds, try to cut them. That’s the way they will probably disappear forever.”

He continued: “They [the police] have a week. If they catch the thieves, the stuff might still be there. If it takes longer, the loot is probably gone and dismantled. It’s a race against time.”

Eight “priceless” objects stolen have been named by the French culture ministry. A ninth item was stolen but recovered at the scene, the Paris prosecutor said.

The French culture ministry said the items stolen were:

• Tiara from the set of Queen Marie-Amelie and Queen Hortense

• Necklace from the sapphire set of Queen Marie-Amelie and Queen Hortense

• Earring, from the pair belonging to the sapphire set of Queen Marie-Amelie and Queen Hortense

The tiara (top), necklace (middle) and one earring were taken from the Queen Marie Amelie sapphire set. Pic: Louvre
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The tiara (top), necklace (middle) and one earring were taken from the Queen Marie Amelie sapphire set. Pic: Louvre

• Emerald necklace from the Empress Marie Louise set

• Pair of emerald earrings from the Empress Marie Louise set

Empress Marie Louise's emerald necklace and earrings. Pic: Louvre
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Empress Marie Louise’s emerald necklace and earrings. Pic: Louvre


• Brooch known as the “reliquary brooch”

• Tiara of Empress Eugenie

• Large corsage bow brooch of Empress Eugenie.

The Empress Eugenie tiara. Pic: Louvre
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The Empress Eugenie tiara. Pic: Louvre

The Empress Eugenie brooch contains 2,438 diamonds. Pic: Louvre
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The Empress Eugenie brooch contains 2,438 diamonds. Pic: Louvre

French publication Le Parisien previously reported that the object recovered at the museum was the crown of Napoleon III’s wife, Empress Eugenie, and it was broken.

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Louvre heist: What we know so far?

Authorities revealed details of the raid after the museum, which is the world’s most popular and draws up to 30,000 visitors a day, said on X that it was closing for “exceptional reasons”.

Police working by a basket lift used by thieves at the Louvre museum in Paris. Pic: AP
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Police working by a basket lift used by thieves at the Louvre museum in Paris. Pic: AP

The world famous museum attracts tens of thousands of people every day. File pic: AP
Image:
The world famous museum attracts tens of thousands of people every day. File pic: AP

Culture minister Rachida Dati said footage of the operation showed the thieves “don’t target people, they enter calmly in four minutes, smash display cases, take their loot, and leave”.

“No violence, very professional,” she told TF1.

How the robbery unfolded

French interior minister Laurent Nunez said the “major robbery” involved intruders entering the museum via a basket lift using a platform mounted on a lorry.

It is not clear if they brought any or all of the equipment they used with them, as construction work is taking place along the River Seine side of the sprawling building, where the break-in occurred.

Mr Nunez said: “They broke a window and went towards several display cases where they stole jewellery. These are jewels that have genuine heritage value and are, in fact, priceless.”

The ceiling of the Apollo Gallery in the Louvre. Pic: Shutterstock
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The ceiling of the Apollo Gallery in the Louvre. Pic: Shutterstock

The interior ministry said the criminals fled on two motorbikes. No injuries have been reported.

The number of robbers has not been confirmed but Mr Nunez told France Inter that three or four thieves got into the museum.

The gang was well prepared and had scouted the venue, Mr Nunez said, adding they cut window panes “with a disc cutter” before escaping “on a TMAX”, a type of Yamaha maxi-scooter.

Forensic work is now under way and a detailed list of the stolen items is being compiled following the break-in, which took place between 9.30 and 9.40am (8.30-8.40am UK time).

Once in, they made for the Galerie d’Apollon (Apollo Gallery), home to a selection of the French Crown Jewels, the interior ministry said.

French daily newspaper Le Parisien, citing police, said the suspects wore hoods and were carrying “small chainsaws”.

The robbers reportedly escaped with nine pieces of jewellery, including a necklace, a brooch and a tiara from the Napoleon and French Sovereigns display cases, the newspaper reported.

Two suspects were inside while a third stayed outside, Le Parisien said.

Suspects reportedly used this window to get in. Pic: Reuters
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Suspects reportedly used this window to get in. Pic: Reuters

French President Emmanuel Macron said in a post on X: “We will recover the works and the perpetrators will be brought to justice.

“Everything is being done, everywhere, to achieve this,” he added.

What is in the Galerie d’Appollon?

The Galerie d’Appollon is an enormous room on the upper floor of the Petite Galerie, which houses the French Crown Jewels as well as the royal collection of hardstone vessels, paintings, tapestries and medallions, the museum’s website said.

Rebuilt by Louis XIV after a fire, it is home to three historical diamonds – the Regent, one of the most famous diamonds in the world, the Sancy and the Hortensia.

At 140 carats, the Regent is exceptional in terms of size, weight and purity and when it was found in India in 1698, it was the largest known diamond at the time.

Social media users posted pictures and videos from in and outside the building, with one showing people leaving in “total panic”.

The museum sits next to the River Seine. Pic: Reuters
Image:
The museum sits next to the River Seine. Pic: Reuters

One person on X who said they were there reported a confused-sounding scene of police “running” near the museum’s famous pyramid “and trying to enter… from glass side doors but they were locked and they could not enter”.

“Everyone inside was running and banging on glass doors to get out, but could not open. Police and military police arrived,” they added.

History of Louvre break-ins

This is not the first time thieves have targeted the museum.

In 1911, the Mona Lisa, now protected by bulletproof glass, vanished from its frame, stolen by a former worker who hid inside the museum and walked out with the painting under his coat.

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It was recovered two years later in Florence – an episode that helped make Leonardo da Vinci’s portrait the world’s best-known artwork.

In 1983, two Renaissance-era pieces of armour were stolen – and were only recovered in 2021, nearly four decades later.

The museum’s collection also bears the legacy of Napoleonic-era looting, containing 33,000 works of art, including antiquities, sculptures and paintings.

In addition to the Mona Lisa, its star attractions feature the Venus de Milo and the Winged Victory of Samothrace.

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