Islamabad, July 6 (IANS) Pakistan’s macroeconomic environment in the calendar year 2023 remained challenging amid rising inflation, weak foreign exchange inflows, pressures on external account and local currency, and low business confidence, particularly in the first half, the State Bank of Pakistan (SBP) said.

However, the policy measures and regulatory interventions that were taken to address growing imbalances coupled with securing a nine-month stand-by agreement from the International Monetary Fund (IMF) helped improve the macroeconomic conditions in the second half of 2023, the SBP said in its financial stability review for 2023, Xinhua news agency reported.

Inflation started falling, economic growth recovered, and the exchange rate stabilised towards the year-end, the central bank said in the report.

Against this backdrop, the financial sector exhibited strong growth and performance, and maintained financial soundness and operational resilience, it added.

The asset base of the financial sector expanded by 27 per cent in 2023, mainly driven by the banking sector, according to the report.

–IANS

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Islamabad, July 6 (IANS) Pakistan’s National Disaster Management Authority (NDMA) has issued a warning about the potential for flash floods and urban flooding due to the ongoing torrential rain, marking the beginning of the monsoon season in various parts of the country.

The National Emergency Operation Centre of the NDMA anticipates that the ongoing rain may cause flash floods in local streams of Islamabad, parts of east Punjab, and northwest Khyber Pakhtunkhwa provinces, the authority said in a statement, Xinhua news agency reported.

The torrential rain may also cause urban flooding in several districts of the two provinces, including their densely populated capital cities, the statement added.

The NDMA also advised provincial disaster management authorities and local administrations to closely monitor the situation and take appropriate measures to safeguard the at-risk population, the statement read.

The NDMA also urged citizens to download its mobile application for disaster alerts, which provides notifications, guidelines, and precautionary measures to address urban flooding in their areas so they can stay alert and informed.

–IANS

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New Delhi, July 6 (IANS) A record number of 26 Indian-origin MPs are set to enter the UK Parliament after Friday’s General Election results, marking a significant increase from 15, five years ago.

Conservative Party leader Rishi Sunak, the first Indian-origin person to have served as the UK Prime Minister, leads the pack after having secured victory from Richmond and Northallerton constituency in Yorkshire.

Apart from Sunak, 25 other Indian-origin MPs — including 20 from the Labour Party and five Conservatives — also emerged victorious on Friday.

Priti Patel, Conservative MP of Gujarati descent, won from Witham, Essex. Patel, who has served in various capacities, including Secretary of State for International Development, has been representing the constituency since 2010.

Gagan Mohindra, a prominent politician from a Punjabi Hindu background, secured his seat in South West Hertfordshire. Mohindra has been a Conservative MP since 2019, following his initial election as a Parish Councillor in 2004.

Labour Party leader Seema Malhotra retained her Feltham and Heston constituency for a fourth term since 2011. Malhotra has held several shadow ministerial roles, including Shadow Minister for Skills and Further Education.

Valerie Vaz, Labour leader of Goan origin, won the Walsall and Bloxwich constituency for the fifth time. Vaz, who has been an MP since 2010, has served as the Shadow Leader of the House of Commons.

Lisa Nandy retained her seat in Wigan, making her the constituency’s first female MP and one of the first Asian female MPs since 2010. She has served as the Shadow Cabinet Minister for International Development.

Nadia Whittome, who made history in 2019 as the UK’s youngest MP at the age of 23, was re-elected from Nottingham East.

Preet Kaur Gill, the UK’s first female Sikh MP, defeated Conservative Ashvir Sangha in Birmingham, a seat she has held since 2017. Gill has served as the Shadow Minister for Primary Care and Public Health.

Labour Party’s Tanmanjeet Singh Dhesi retained his Slough constituency, although with a reduced victory margin.

Conservative leader Shivani Raja won the Leicester East constituency, where she was fielded against another Indian-origin Labour candidate, Rajesh Agrawal.

44-year-old Conservative MP Suella Braverman, who was embroiled in controversies and dismissed by the party for her statements, won from the Fareham and Waterlooville constituency for the fourth consecutive time.

Additionally, other Indian-origin Labour MPs to be elected to the UK’s House of Parliament include Navendu Mishra, Jas Athwal, Baggy Shanker, Satvir Kaur, Harpreet Uppal, Warinder Juss, Gurinder Josan, Kanishka Narayan, Sonia Kumar, Sureena Brackenbridge, Kirith Entwistle, Jeevun Sandher, Sojan Joseph and Murina Wilson.

–IANS

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Tokyo, July 6 (IANS) The Japanese government on Saturday hoped that Iran, under its newly-elected President Masoud Pezeshkian, will play a “constructive role” in easing tensions and stabilising the situation in the Middle East.

Pezeshkian emerged winner in the runoff of the presidential election held on Friday and was elected as the next President of the country.

“We hope that Iran, under President-elect Pezechkian, will play a constructive role in easing tensions and stabilizing the situation in the Middle East,” said the Japanese Foreign Ministry on Saturday.

“Based on our traditionally friendly relations with Iran, Japan will continue to make proactive diplomatic efforts toward easing tensions and stabilising the situation in the Middle East, and will also strengthen dialogue with the new Iranian government under President-elect Pezechkian,” it added.

In April, Tokyo had “strongly condemned” the escalation in the region following Iran’s attacks against Israel using drones and missiles citing that the peace and stability of the Middle East region remains of paramount importance to Japan.

–IANS

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Tehran, July 6 (IANS) Iran and Hungary highlighted the necessity to refrain from the escalation of tension in the West Asia region.

In a phone call, Iranian caretaker Foreign Minister Ali Bagheri Kani and Hungarian Foreign Minister Peter Szijjarto exchanged views on Friday about regional issues of common interest and bilateral ties, according to a statement released by the Iranian Foreign Ministry, reports Xinhua news agency.

Bagheri Kani stressed the need to enhance stability and refrain from the escalation of tension in West Asia, noting that the continuation of Israeli “crimes” against Palestinians and the recent escalations between Israel and Lebanon had placed the region in a new situation.

He warned that any new move to cause further tension in the region would work to the detriment of the “warmongers”.

Pointing to bilateral ties, Bagheri Kani said Iran and Hungary had always had good relations with each other, and the ties had been reflecting a positive and growing trend.

The Hungarian Foreign Minister, for his part, stressed the need to step up efforts to prevent the intensification of the conflicts in the region.

He stressed the importance of diplomacy in bilateral relations and the international arena, welcoming the strengthening of the bilateral ties with Iran.

The Israeli army has been waging a large-scale offensive on Gaza since October 7, 2023, after Hamas carried out an unprecedented attack on the Israeli towns adjacent to the strip, killing nearly 1,200 people.

The Palestinian death toll from the ongoing Israeli attacks in the enclave has risen to 38,011, with 87,445 people injured, as updated by the health authorities in Gaza on Thursday.

Tension has mounted between Lebanon and Israel since October 8, 2023, after Hezbollah fired dozens of rockets toward Israel in support of the Hamas attacks on Israel, prompting Israel to respond by firing heavy artillery toward southeastern Lebanon.

–IANS

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