Faced with significant external financing needs, the Pakistani government plans to borrow $4.9 billion from international banks. This strategy involves securing $2.64 billion in short-term loans and $2.27 billion in long-term loans, with negotiations underway with several major international banks, including the ICBC, Standard Chartered Bank, and Dubai Islamic Bank. The additional funding aims to bolster Pakistan’s foreign exchange reserves, currently around $14 billion, to meet the IMF’s target of $13.9 billion by June. Despite these efforts, Pakistan’s economic growth for 2024-25 fell short of its target, reaching only 2.68 percent.
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Following the EU Foreign Affairs Council meeting, Lithuanian Foreign Minister Kęstutis Budrys urged immediate commencement of work on the 18th EU sanctions package against Russia. This package should target Russia’s most vulnerable sectors, including energy, finance, and the defense industry, to counteract Putin’s delaying tactics. Budrys stressed the need for swift action, emphasizing that the previous sanctions package is already outdated and decisive measures are necessary to maintain credibility. The 18th package may include targeting banks from non-EU countries supporting Russia’s military. This follows discussions between Ukrainian President Zelenskyy and European Commission President von der Leyen regarding further restrictions on Moscow.
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UN humanitarian chief Tom Fletcher initially claimed 14,000 Gazan babies faced imminent death without immediate aid delivery, a figure later clarified by the UN as referring to children suffering severe acute malnutrition over a year, not 48 hours. This followed reports of stalled aid trucks at the border, highlighting the urgent need for supplies including baby food and nutrition. Fletcher criticized Israel’s proposed aid distribution strategy, advocating for the previously used method. Despite initial concerns, Israel subsequently permitted additional aid trucks to enter Gaza.
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Australia has delivered the first shipment of its pledged M1A1 Abrams tanks to Ukraine, following previous delays in international clearances. The transfer, confirmed by Prime Minister Albanese to President Zelensky, consists of decommissioned tanks slated for replacement in Australia’s military modernization program. These 49 tanks, already planned for retirement, will bolster Ukraine’s ground forces. The donation comprises part of a larger commitment to upgrade its armed forces with the newer M1A2 Abrams tanks.
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The Trump administration’s opposition to strong wording in a forthcoming G7 statement regarding Ukraine has reportedly stalled the drafting process. This opposition specifically targets language affirming continued support for Kyiv and characterizing Russia’s invasion as illegal. This stance mirrors previous instances where the US blocked similar condemnations, reflecting a prioritisation of peace talks with Russia over firm condemnation of its actions. The disagreements highlight a persistent divergence between the US and other G7 members on how to address the ongoing war in Ukraine.
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China’s $500 million pledge to the World Health Organization (WHO) over five years positions it as the top donor, replacing the U.S. following its withdrawal. This contribution, announced at the World Health Assembly, is framed by Beijing as opposition to “unilateralism,” a criticism leveled at the U.S. The move reflects China’s broader strategy to expand global influence and fill the leadership void left by the Trump administration’s “America First” policy. This increased engagement extends beyond the WHO to areas such as climate change and green energy, where China aims to shape international norms and solidify its role in global supply chains.
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Former Ukrainian politician Andriy Portnov, a senior aide to ousted President Viktor Yanukovich, was fatally shot in Madrid. Multiple gunmen fired upon him near the American School of Madrid, fleeing the scene afterward. Portnov, who had faced investigations and sanctions related to corruption and alleged involvement in Russia’s annexation of Crimea, had lived in exile since 2014. His death follows other recent attacks targeting prominent Russians and Ukrainians in Spain.
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A suicide bombing targeting a school bus in Balochistan, Pakistan, killed at least four children and injured dozens more. The attack, occurring near Khuzdar while children were en route to a military-run school, prompted Pakistan to accuse India of involvement, a claim India denies. Pakistan’s government and military officials, citing the involvement of the Balochistan Liberation Army (BLA), condemned the attack and vowed to bring the perpetrators to justice. The incident follows a fragile ceasefire between Pakistan and India after a recent conflict stemming from the Pahalgam massacre.
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Following the Trump administration’s termination of funding, the European Union approved a €5.5 million emergency contract to support Radio Free Europe/Radio Liberty’s operations. This short-term funding acts as a safety net for the broadcaster, which provides crucial news to 23 countries across Eastern Europe, Central Asia, and the Middle East. While unable to fully replace lost U.S. funding, the EU aims to bolster the organization’s work in neighboring countries heavily reliant on external news sources. The EU hopes member states will contribute further to ensure Radio Free Europe’s long-term viability.
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Agriculture Minister Taku Etō resigned following public outrage over his admission of never purchasing rice due to receiving numerous gifts. His insensitive remarks, made amidst soaring rice prices and a broader cost-of-living crisis, exacerbated pressure on Prime Minister Ishiba ahead of crucial upper house elections. The rice shortage stems from poor harvests and potential stockpiling, further fueling public discontent with the government’s response. Etō’s replacement, Shinjirō Koizumi, inherits the challenge of stabilizing rice prices and addressing widespread economic anxieties.
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John Q. Hosedrinker