IMF approves final $1.1 Billion bailout installment for Pakistan

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In this week’s edition:

🧴 Why plastic pollution might have limited days left

💰 The last of the money has been received

⚔️ US Vs TikTok

📊 Apps in Pakistan wrapped 2023 | Report

- The Itla Squad 💼

Business

Global 🌎️

Life in plastic might no longer be fantastic

It seems like the world is done watching all those worrisome videos showing tons of plastic in the oceans and finally wants to do something about it.

In Ottawa, representatives from 174 countries are taking serious steps to tackle plastic pollution and make it a global treaty. This meeting, called INC-4, is part of the United Nations' effort to create a global agreement on plastics.

The details:

• Negotiators are divided into two groups: one includes Global South nations, public health advocates, and environmental campaigners, while the other consists of plastics producers and major oil producers.

• What to do about the 400 million tons of plastic that we make every year? It's not easy for countries to agree on what to do. They're debating things like how to reduce plastic production and making sure Indigenous communities have a say too.

• But one big argument is about whether we should limit how much plastic we make, which the second group doesn't like because they make money from plastic. They argue for more recycling instead. But environmental groups say that's not enough to solve the problem. They want limits on how much plastic can be made.

• Scientists are also part of the conference to provide scientific evidence to the negotiators and are facing harassment and intimidation from lobbyists in the conference (Big Boss drama has entered the chat).

Way forward: Despite the disagreements, countries are committed to finding a solution to tackle plastic pollution. The goal is to have a final agreement by the end of 2024.

TLDR: Representatives from 174 countries are meeting in Ottawa to address plastic pollution and create a global treaty. Negotiators are split between groups advocating for reduced plastic production and those favoring increased recycling. Scientists are providing evidence but facing harassment from lobbyists. Despite challenges, countries aim to reach a solution by 2024.

What else is new in news

✶The rich in India apparently do more than just host killer weddings. In western India, Sagar Adani is heading up the biggest renewable energy project. With support from the Adani Group, this $20 billion initiative aims to turn salt deserts into clean energy hubs. It's set to become the world's largest renewable energy park in about five years, providing power for around 16 million Indian homes.

Local 🇵🇰

Dad IMF sent money!

The International Monetary Fund (IMF) has given the green light for Pakistan to receive the final $1.1 billion installment of a $3 billion financial support package known as the Standby Arrangement (SBA). This decision aims to help Pakistan tackle its money problems.

The details:

• The IMF's board approval shows that Pakistan has been doing what the IMF asked and making needed economic changes.

• Pakistan is doing a bit better economically. Reserves (which are like savings) went up to $8 billion from $4.5 billion at the beginning of the loan. Pakistan also achieved a primary surplus of 1.8% of GDP in the first half of fiscal year 2024 (which means it saved 1.8% of its money compared to what it spent). It's expected to grow by 2% in the year 2024, and its financial position is getting stronger.

• But not everyone has rose-colored glasses on. Leading Pakistani economist Kaiser Bengali says that the apparent stability is not real - it's more like a temporary illusion created by the hope of getting more loans

Way forward: Experts warn that Pakistan can't just rely on loans forever and must focus on long-term economic growth, emphasizing productivity, investment, and development projects. Addressing structural issues in key sectors like health, education, and infrastructure is necessary.

TLDR: The IMF has approved Pakistan to receive the last $1.1 billion of a $3 billion loan to help with its money problems. While Pakistan's economy is showing some improvement, not everyone is optimistic. Leading economist Kaiser Bengali warns that the stability may be temporary, fueled by hopes of more loans.

News Flash

✶Not even the government is a fan of the traditional bureaucratic set-up. The government plans to bring in technical experts and consultants for ministries like energy and finance, offering them special pay packages. Finance Minister Aurangzeb intends to form a team of experts, possibly from banking, for new insights rather than the traditional bureaucratic set-up.

Tech

Global 🌎️

Banistan who?

Pakistan and the US have been sharing notes, apparently.

A law to ban TikTok in the U.S. has gotten support from both Democrats and Republicans, passed by Congress, and signed by President Biden, making it the first time the US has made a law that could ban a social media app.

The details:

• The law, named Protecting Americans from Foreign Adversary Controlled Applications Act (H.R. 7521), says the company that owns TikTok, called ByteDance, has to sell it within nine months or it can't be used in U.S. stores or websites. The goal is to protect national security and privacy by making sure someone else (anyone but China) owns TikTok.

• ByteDance has until January 24, 2025, to sell TikTok or find new ownership. President Biden can extend this by 90 days if needed.

• TikTok opposes the ban, launching a $2.1 million ad campaign featuring U.S. users advocating for the app's benefits. It is also taking the US to court saying that the law is unconstitutional and a blow to free expression in the U.S.

Way forward: The future looks uncertain as in response to the law, TikTok's Chinese parent company ByteDance says it has no intention of selling the business. The whole fiasco has left the app’s users, especially content creators, influencers, and small business owners, feeling unsure about what will happen to the platform.

TLDR: The U.S. has passed a new law to ban TikTok, supported by both Democrats and Republicans. The law says the company that owns TikTok, called ByteDance, has to sell it to a non-Chinese company within nine months, or TikTok won't be allowed in U.S. stores or websites anymore. ByteDance has until January 24, 2025, to sell TikTok, but TikTok is fighting back, saying the law is against free speech and planning to go to court.

What else is new in news

✶ The US government wants advice from top artificial intelligence (AI) companies on how to use AI to protect vital infrastructure like airlines from AI-driven attacks. They're forming a panel that includes CEOs from companies like Google, Microsoft, and OpenAI, as well as leaders from defense contractors and airlines like Delta Air Lines.

Local 🇵🇰 

Apps in Pakistan 2023 wrapped

Ever wondered what’s happening in the mobile apps industry in Pakistan? Data Darbar and Begin, a streaming service, just released their annual report on the State of Apps 2023 in the country. This report tells us a lot about how people are using apps in Pakistan.

The details:

• In 2023, Pakistan had about 3.51 billion app downloads, and people spent over $87 million on apps. Although the number of downloads didn't change much from the year before, people spent more money.

• Apps like TikTok and WhatsApp were very popular, and so were Ludo games and finance apps like Easypaisa. This shows that as people get more used to using technology, they want more digital services.

• For the first time in six years, there was a drop in cell phone subscriptions, showing that more people are switching from calls to using data. Jazz was the leader in mobile broadband subscriptions.

• People in Pakistan are using more mobile data, with subscriptions going up by 7.5% to reach 124.4 million. And even fixed broadband is getting better.

• Local app makers faced some hurdles, leading to fewer apps being made by Pakistani developers. But there's a chance for growth, especially in areas like games.

Way forward: Despite some challenges, Pakistan's app world looks bright. With more people using mobile data and getting broadband subscriptions, there's a lot of room for growth and new ideas.

TLDR: The State of Apps report by Data Darbar and Begin reveals Pakistan's app landscape, showing 3.51 billion downloads and $87 million spent in 2023. Popular apps like TikTok and Ludo highlight a shift towards digital services. While cellular subscriptions dropped, mobile broadband rose, led by Jazz. Mobile data hit 124.4 million subscriptions.

Tech tour of news

✶PTCL is shutting down its Charji internet service in most places across Pakistan, except for Kashmir, by June 30, 2024. Charji, PTCL's 4G internet device, offers wireless Wi-Fi connectivity, accessible anywhere with available 4G signals.

More interesting Itla (اطلاع) we consumed:

🎬 Everytime we think “They don’t make good Indian movies anymore”, the industry gives us something like Laapataa Ladies that makes us believe in the epic and brilliant storytelling of the country again.