Bond Holders Expect Pakistan to Default on $7 Billion Debt Amid IMF Deadlock

As per research, Pakistan’s 8.25 percent bond due in April of next year fell 1.4 cents to 51.62 cents on the dollar, falling for the third day in a row. Moody’s Investors Service outlined in a statement earlier this week that the country’s external financing needs for the fiscal year ending June are estimated to be around $11 billion, including $7 billion in external debt payments.

It is worth mentioning that Moody’s downgraded Pakistan further into junk status on Tuesday as the country faces its worst economic crisis in decades, with foreign reserves plummeting and inflation reaching a record high. The credit rating agency’s analysts said that disbursements may not be secured in time to avoid a default in the current extremely fragile balance of payments situation.

In a similar response, London-based emerging-market analyst Edwin Gutierrez said, “There is definitely a higher risk for a default as negotiations with the Fund keep getting drawn out longer than expected while reserves continue to dwindle to precarious levels”.

Meanwhile, Spokeswoman Mao Ning of the Chinese Foreign Ministry said during a regular briefing today, “The Western-led commercial creditors and multilateral financial institutions are the basic creditors for developing countries, so China calls for a concerted effort of all parties to play a constructive role on the economic and social developments of Pakistan”.

The Chinese foreign ministry has urged all creditors to play a constructive role to help Pakistan.

Dar Lambasts Default Gossip

Contrary to informed reports, Finance Minister Ishaq Dar has ruled out the possibility of any default and reiterated his stance that all indicators were moving in the right direction.

In a tweet, the finance minister shared his side of the estimated default probability in Pakistan and lambasted anti-Pakistan elements for spreading malicious rumors that the country may default. “This is not only completely false but also belie[s] the facts,” he said.

The minister also provided an update on Pakistan’s negotiations with the International Monetary Fund (IMF). He said, “Our negotiations with IMF are about to conclude and we expect to sign Staff Level Agreement with IMF by next week. All economic indicators are slowly moving in the right direction”.

Source: Pro Pakistani

Poisonous gas kills 6 coal miners in Balochistan

In Balochistan, at least six coal miners were killed and five others were injured as a result of poisonous gas inside a coal mine in the Shahrag area of Harnai district on Friday.

According to Levies sources, the dead bodies and injured have been shifted to Shahrag basic health unit.

Meanwhile the Chief Minister Balochistan Mir Abdul Quddus Bizenjo expressed deep grief and sorrow over the loss of precious lives in the coal mine accident.

Expressing deep concern over the increasing number of accidents in the coal mines, the Chief Minister directed the concerned authorities to prepare a comprehensive report regarding the safety measures in the mines.

 

Source: Radio Pakistan

Civil society groups launch Global Charter for Fisheries Transparency at 2023 Our Ocean conference

The launch of the Charter by the Coalition for Fisheries Transparency lays out a new roadmap to advance marine governance around the world.

PANAMA CITY, Panama, March 02, 2023 (GLOBE NEWSWIRE) — The Coalition for Fisheries Transparency – a new international community of civil society organizations – today launched the Global Charter for Fisheries Transparency. The Charter pinpoints the most essential policy priorities needed to combat fisheries mismanagement, illegal fishing, and human rights abuses at sea. Experts, ministers, and delegates from international organizations and companies around the world discussed the benefits of the Global Charter for Fisheries Transparency at Our Ocean conference in Panama this Thursday and Friday – an annual meeting for countries, civil society and industry to announce significant actions to safeguard the world’s oceans.

“Ghana recognizes the critical role that transparency plays in the fight against illegal fishing to protect livelihoods and provide food security to our coastal communities,” said Hon. Mavis Hawa Koomson, Ghana’s Minister of Fisheries and Aquaculture Development. “With the significant progress Ghana has made in the last year on ending harmful fishing practices that have encouraged illegal fishing in our waters, we are now working towards making greater efforts towards sustaining fisheries transparency in Ghana.”

Prof. Maxine Burkett, Deputy Assistant Secretary for Oceans, Fisheries and Polar Affairs at the U.S. Department of State, highlighted how the U.S. plays a leading role in increasing transparency in global fisheries.

“Last year, President Biden released a National Security Memorandum that recognizes the importance of transparency for combating illegal, unreported, and unregulated (IUU) fishing and associated forced labor abuses,” she said. “By enhancing productive information-sharing, the Global Charter for Fisheries Transparency will serve as an important complement to the U.S. government’s activities to end IUU fishing through improving fisheries and ocean governance, increasing enforcement efforts, and raising ambition to end IUU fishing globally.

Additionally, global partnership initiatives, like the Fisheries Transparency Initiative (FiTI), emphasized the importance of equal, multi-stakeholder collaboration to increase transparency in coastal countries for achieving sustainably managed marine fisheries.

“Given the complexity of fisheries governance, multiple transparency efforts are needed to address the various challenges of unsustainable marine fisheries, such as overfishing, IUU fishing, unequal access to fisheries resources, and unfair benefit sharing,” said Dr. Valeria Merino, Chair of the International Board of the Fisheries Transparency Initiative (FiTI). “The 10 principles of the Global Charter for Fisheries Transparency recognize the need for a comprehensive and coordinated approach to fisheries transparency, and has the potential to support existing global endeavors, such as the FiTI, through a much-needed mobilization of civil society organizations to ensure that marine fishing activities are legal, ethical, and sustainable.”

Finally, the role of the civil society to maximize collective impact to improve transparency has been underlined by Mr. Wakao Hanaoka, Chief Executive Officer of Seafood Legacy (Japan), and a steering committee member of the Coalition for Fisheries Transparency. “Our membership in the Coalition for Fisheries Transparency represents a voice of an international community that allows us to strengthen and amplify our efforts amongst the seafood industry and government towards achieving our goal of making Japan a global leader in environmental sustainability and social responsibility,” he explained.

The Global Charter for Fisheries Transparency lays out a new roadmap to advance marine governance internationally, by providing a set of advocacy principles that are both effective and achievable by all stakeholders involved in fisheries governance and management.

“Continuous advocacy efforts by civil society organizations are critical to improving fisheries governance internationally as well as protecting the ocean and the people who depend on its resources,” commented Maisie Pigeon, Director of the Coalition for Fisheries Transparency. “The Coalition’s mission to deliver an urgent shift towards greater transparency in fisheries will be achieved through supporting our members in developing joint strategies, harmonizing and strengthening efforts, and finally – closing transparency policy gaps in fisheries governance,” she concluded.

Through civil society organizations from around the world, the Coalition for Fisheries Transparency calls on governments to apply the Charter’s principles in legislation and practice.

Press contact: Agata Mrowiec agata@fisheriestransparency.net +34 608 517 552

GlobeNewswire Distribution ID 8780726