Briefly

PAKISTAN

IMF delays $6b bailout for debt-hit nation

The International Monetary Fund delayed a $6 billion bailout for cash-strapped Pakistan over its failure to meet the terms of a previous deal, officials said on Friday, as the country struggled with a worsening economic crisis. Pakistani officials said progress had been made toward reviving the bailout. A critical part of the loan, $1.1 billion, has been on hold since December as officials reviewed the country's compliance with a 2019 agreement. The stall reflects Pakistan's struggle for economic stability after summertime floods killed 1,739 people, destroyed 2 million homes and caused $30 billion in damage. The IMF said in a statement that "virtual discussions will continue in the coming days" to make progress on the deal.

SOUTH AFRICA

Move announced to address energy crisis

South African President Cyril Ramaphosa on Thursday declared a national state of disaster over his country's crippling power shortages, saying they posed an existential threat to the economy and social fabric. "We are in the grip of a profound energy crisis," Ramaphosa said in his annual State of the Nation Address to parliament. State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes. The power cuts are expected to reduce economic growth in Africa's most industrialized nation to just 0.3 percent this year.

Agencies - Xinhua