Daily Current Affairs Notes for 10 February 2023

World Pulses Day 2023

The World Pulses Day is celebrated annually on February 10 with the purpose of promoting awareness about the nutritional and eco-friendly advantages of pulses in sustainable food production. The United Nations General Assembly acknowledged the importance of pulses and designated a day to honor them in 2019, with the goal of raising global awareness and improving access to these nutritious legumes. Pulses, also known as legumes, are considered a staple food worldwide and are grown in nearly every country.

World Pulses Day 2023: Theme

The theme for the 2023 celebration of World Pulses Day is "Pulses for a Sustainable Future." This year's celebration will focus on highlighting the role of pulses in enhancing soil fertility, fortifying farming practices, improving the livelihoods of farmers in water-deficient regions, and more. Given their low water usage and ability to withstand drought and environmental challenges, pulses are crucial for achieving sustainable food production.

World Pulses Day 2023: Significance

The significance of pulses as a crop is immense for farmers as they serve as both a source of income and sustenance. Pulses are also straightforward to cultivate and require relatively low amounts of water, making them resilient to drought and environmental hazards. This stability and security not only benefits the farmers economically but also ensures the fertility of their land, thanks to the nitrogen-fixing properties of pulses. Thus, the celebration of World Pulses Day is crucial in promoting awareness and promoting the wider adoption of these valuable legumes worldwide.

World Pulses Day: History

The United Nations General Assembly acknowledged the worth of pulses in 2013 and declared 2016 as the International Year of Pulses (IYP). The Food and Agriculture Organization (FAO) of the UN then raised public awareness of the nutritious and environmental benefits of these legumes. Following the conclusion of the International Year of Pulses, Burkina Faso, a West African landlocked country, proposed the establishment of World Pulses Day. Finally, in 2019, the UN General Assembly officially designated February 10 as World Pulses Day.

IPL 2023 Schedule

The schedule for the 2023 Indian Premier League (IPL) is expected to be revealed shortly and is rumored to take place from April to June 2023, with the tentative start date of April 1st 2023, as per sources. However, there has been no official confirmation from the Board of Control for Cricket in India.

The 2023 IPL season will feature ten teams, and the player auction was held in December of the previous year, allowing teams to acquire their desired players.

IPL 2023 Overview

Pakistan's Prime Minister Shahbaz Sharif has given his approval for an agreement with the International Monetary Fund (IMF) regarding the bailout program, resolving all related issues. Pakistan, facing a severe shortage of funds, was in the process of negotiating with the IMF to secure the release of funds from a $6.5 billion bailout to prevent an economic crisis.

The Timeline of Pak-IMF Deal:

Previously, a report by AFP stated that the Pakistani government was still in intense discussions with the IMF regarding the crucial financial bailout. A delegation from the International Monetary Fund (IMF) arrived in Islamabad recently to negotiate difficult terms that the Prime Minister, Shehbaz Sharif, described as "beyond imagination".

According to economic analyst Abid Hasan, a former World Bank advisor, the IMF is demanding much more than what the government is willing to agree to, even with some pressure applied. The Finance Minister, Ishaq Dar, informed reporters that the final round of talks was ongoing.

The IMF is seeking to increase the inadequate tax base, eliminate tax exemptions for the export sector, and raise artificially low prices for petrol, electricity, and gas that are meant to assist low-income families. The organization is also pushing for Pakistan to maintain a sufficient amount of US dollars in the bank through guarantees from friendly nations like Saudi Arabia, China, the UAE, and the World Bank.

Pakistan had previously outlined a $6.5 billion loan agreement with the IMF, of which roughly half has already been disbursed.

Pak-IMF Deal: Asking for much more

In August, the government obtained a loan of $1.1 billion, which was a component of the $6.5 billion agreement made in 2019. However, the loan disbursement has been suspended multiple times due to Islamabad's inability to fulfill the loan conditions and disputes over the spending plans following the floods.

Pakistan’s Economic Crisis:

Pakistan's economy is facing severe difficulties, struggling with a balance of payment crisis as it tries to manage its high external debt levels amid political turmoil and worsening security. The central bank recently released data showing that its foreign exchange reserves had dropped by $170 million in a week, leaving it with only $2.9 billion.

Years of economic mismanagement and political instability have severely impacted Pakistan's economy, and this damage has been compounded by a global energy crisis and devastating floods that affected a third of the country. The government loosened control over the rupee to combat the widespread black market for US dollars, causing the currency to reach an all-time low, and increased petrol prices by 16%.

Struggling industries are pressuring the government to lift restrictions on imports, with thousands of shipping containers being held up at the Karachi port. The steel industry has warned that unless imports of scrap metal are resumed, it will lead to a decline in employment. The rupee appreciated 1% to 270.51 per dollar, while the benchmark stock index rose 1.8% at the close of the day, marking its fourth consecutive day of gains. Its dollar bonds also improved, with notes due in 2024 showing a 4.5 cent increase, trading at 59.6 cents on the dollar, representing the largest jump in about two months.