– Company also wins two awards for excellence in innovation for Parteck® SRP 80 and Emprove® program DARMSTADT, Germany, Oct. 5, 2016 /PRNewswire/ — Merck, a leading science and technology company, today announced that the CEO of its life science business, Udit Batra, was named “CEO of the Year” for 2016 by CPhI Pharma for […]
Addressing the Brussels Conference on Afghanistan today, Adviser Sartaj Aziz, underlined importance of a peaceful, stable and prosperous Afghanistan for Pakistan and announced Government of Pakistan’s fresh pledge of $500 million for economic developme…
The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.
The IMF’s responsibilities: The IMF’s primary purpose is to ensure the stability of the international monetary system�the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.
Surveillance: To maintain stability and prevent crises in the international monetary system, the IMF reviews country policies and national, regional, and global economic and financial developments through a formal system known as surveillance. The IMF advises its 189 member countries, encouraging policies that foster economic stability, reduce vulnerability to economic and financial crises, and raise living standards. It provides regular assessment of global prospects in its World Economic Outlook, of financial markets in its Global Financial Stability Report, and of public finance developments in its Fiscal Monitor, and publishes a series of regional economic outlooks.
Financial assistance : IMF financing provides its members breathing room to correct balance of payments problems: national authorities design adjustment programs in close cooperation with the IMF that are supported by IMF financing; continued financial support is conditional on effective implementation of these programs. In response to the global economic crisis, the IMF strengthened its lending capacity and approved a major overhaul of its financial support mechanisms in April 2009, with further reforms adopted in 2010 and 2011. These reforms focused on enhancing crisis prevention, mitigating contagion during systemic crisis, and tailoring instruments based on members’ performances and circumstances. Following the effectiveness of the quota increases under the 14th General Review of Quotas, access limits under the IMF’s non-concessional lending facilities were reviewed and increased in early 2016.To increase financial support to the world’s poorer countries, concessional resources available to low-income countries through the Poverty Reduction and Growth Trust were substantially boosted in 2009, while average access limits under the IMF’s concessional loan facilities were doubled. In addition, access norms and limits were increased by 50 percent in 2015. These loans are interest-free through end-2016, while the interest rate on emergency financing is permanently set at zero. Finally, efforts are currently under way to secure additional loan resources of about $15 billion (SDR 11 billion) to support the IMF’s concessional lending activities.
Capacity Development: The IMF provides capacity development and training to help member countries strengthen their ability to design and implement effective policies including in the areas of tax policy and administration, expenditure management, monetary and exchange rate policies, banking and financial system supervision and regulation, legislative frameworks, and statistics.
SDRs: The IMF issues an international reserve asset known as Special Drawing Rights (SDRs) that can supplement the official reserves of member countries. Total allocations amount to about SDR 204 billion (some $286 billion). IMF members can voluntarily exchange SDRs for currencies among themselves.
Resources: The primary source of the IMF’s financial resources is its members’ quotas, which broadly reflect members’ relative position in the world economy. With the recent effectiveness of the 14th General Review of Quotas, total quota resources amount to about SDR 477 billion (about $668 billion). In addition, the IMF can borrow temporarily to supplement its quota resources. The New Arrangements to Borrow (NAB), which can provide supplementary resources of up to SDR 182 billion (about $254 billion), is the main backstop to quotas. In mid-2012, member countries also pledged to increase the IMF’s resources through bilateral borrowing agreements; currently about SDR 280 billion (about $393 billion) are effective.
Governance and organization: The IMF is accountable to its member country governments. At the top of its organizational structure is the Board of Governors, which consists of one Governor and one Alternate Governor from each member country, generally from the central bank or the ministry of finance. The Board of Governors meets once a year at theIMF�World Bank Annual Meetings. Twenty-four of the Governors sit on the International Monetary and Financial Committee (IMFC) and normally meet twice a year.
The IMF’s day-to-day work is overseen by its 24-member Executive Board, which represents the entire membership; this work is guided by the IMFC and supported by the IMF staff. The Managing Director is the head of the IMF staff and Chairman of the Executive Board and is assisted by four Deputy Managing Directors.
Source: International Monetary Fund
Pakistan strongly condemns the continued illegal detention of well-known Kashmiri human rights activist, Mr. Khurram Parvez who was arrested on 16 September 2016. He has been slapped with draconian law ‘Public Safety Act’ and arrested on flimsy grounds. Even after the Court’s orders for his release, he is being kept under illegal detention. Human rights organizations, like Amnesty International, have urged India for his immediate and unconditional release. Earlier, India did not allow him to travel to Geneva to participate in the ongoing session of UN Human Rights Council.
Khurram Parvez is the Chairperson of Asian Federation Against Involuntary Disappearances (AFAD) and Programme Coordinator of Jammu & Kashmir Coalition of Civil Society (JKCCS) which released a mammoth report last year highlighting obnoxious human rights violations being committed in IOK by Indian occupational forces.
We urge India to release him immediately and unconditionally. We further urge India to desist from stifling the voices of human rights defenders and media personnel in Indian occupied Jammu & Kashmir. We note with deep concern that India continues to engage in committing worst form of state terrorism in Indian occupied Jammu & Kashmir.
Source: Ministry of Foreign Affairs Government of Pakistan
– 3 Patients with PD-1 Refractory Cutaneous Melanoma are Responders Including One Complete Response (CR) – – Driven by Increased Prioritization of IMO-2125 Clinical Development, Company Suspends Development of IMO-8400 for B-Cell Lymphomas – CAMBRIDGE, Mass. and EXTON, Pa., Sept. 26, 2016 (GLOBE NEWSWIRE) — Idera Pharmaceuticals, Inc. (NASDAQ:IDRA), a clinical-stage biopharmaceutical company developing Toll-like receptor […]
In recognition of unprecedented performance and remarkable efforts in eradication of corruption across the board in Sindh, Transparency International Pakistan confers National Integrity Award to Col (R) Siraj ul Naeem, Director General NAB Karachi, in …
A legal charity in Pakistan is pressing authorities to halt the imminent execution of a mentally ill death row prisoner, saying medical experts have already declared him an “insane” person.Imdad Ali, 50, was sentenced to death in 2002 for murdering a r…
– پنج سالہ منصوبہ لاگت کے لحاظ سے زیادہ موثر تطہیر کا منصوبہ تخلیق کرے گا – مرک کروماٹوگرافک تجربہ فراہم کرے گا ڈارمسٹاڈٹ، جرمنی، 14 ستمبر 2016ء/پی آرنیوزوائر/– معروف سائنس و ٹیکنالوجی ادارے مرک نے ڈیوائن منصوبے میں شمولیت اختیار کرلی ہے، جو چھ اداروں کا ایک یورپی کنسورشیم ہے جو ویکسینز کی تیاری، […]