Pakistan and IMF shake hands on $3 billion funding agreement

Morning! This year, Pakistan has achieved its highest score in gender equality since 2006. So, instead of being the second-worst country for women out of 146, with a ranking of 145 the past year, it has now moved to the 142nd position. Well, congrats?

In this week’s edition:

🥤 Bye-bye to diet sodas?

👬 Pak and IMF finally made up

🃏 Meta laying down its ‘cards’

🤐 Casual entry, swift exit (Billionaire Version)

- The Itla Squad 💼

Business

Global 🌎️

Don’t throw away your diet sodas just yet..

Recent reports suggest that aspartame - a commonly used sweetener used in Diet Coke and Diet Pepsi. - might be labeled as "possibly carcinogenic" by the World Health Organization. But you might wanna hear us out before you start freaking out.

Hazard Vs. Risk: The World Health Organization's International Agency for Research on Cancer (IARC) evaluates hazards, including potential carcinogens like aspartame. However, their classification doesn't consider the actual risk or how likely harm is to occur.

Who’s got the info on risk? Enter JECFA and FDA: When it comes to assessing the risk associated with food safety, we turn to the Joint FAO/WHO Expert Committee on Food Additives (JECFA) and the Food and Drug Administration (FDA). And guess what? Both of them have consistently declared aspartame safe for consumption. They'll be releasing a separate report on July 14th to confirm their stance.

Understanding ADI: Food safety agencies establish the acceptable daily intake (ADI) for additives like aspartame. ADI sets the amount that can be consumed daily without causing harm. So, you can actually consume a fair amount of aspartame without going overboard.

Zooming out: Experts suggest basing your decisions on the comprehensive evaluations conducted by reputable food safety agencies like JECFA and the FDA. Aspartame has been thoroughly examined and reviewed. Until these agencies say otherwise, there's no need to panic or avoid products containing aspartame.

TLDR: Reports suggest aspartame might be labeled "possibly carcinogenic" by the WHO. But WHO's classification focuses on hazards, not the actual risk of harm. Food safety agencies like JECFA and the FDA have consistently deemed aspartame safe. Rely on reputable evaluations from these agencies before making decisions, and until then, there's no need to freak out or avoid aspartame-containing products.

What else is new in news

✶US’s Supreme Court’s blow to student loan forgiveness creates a twofold challenge: millions of American borrowers grapple with mounting debt, while retailers face uncertain consumer spending. Market analysts caution that retailers specializing in discretionary items like clothing and electronics are particularly susceptible to the impact.

Local 🇵🇰

Pakistan and IMF finally made up (but it's complicated..)

Get the confetti out because crisis-hit Pakistan has finally reached a staff-level agreement with the International Monetary Fund (IMF) for $3 billion in funding. This agreement comes after a long eight-month delay..

Key points about the deal:

• Power sector reforms: The IMF wants tariffs adjusted in a timely manner to cover electricity production and distribution costs, which may result in consumer price increases.

• Import restrictions: Pakistan's central bank is urged to lift import restrictions that have hindered economic growth.

• Interest rate hike: Pakistan's central bank recently raised its main interest rate to a record-high of 22% to secure the deal.

But hold the celebrations: The agreement is not exactly as planned, as Pakistan couldn't meet its obligations under the original IMF program. This agreement is actually a stand-by arrangement (SBA) that is said to build upon the previous efforts made under the main program.

Way forward: The agreement says that Pakistan needs continued financial support from various sources, including pledges from Saudi Arabia, the UAE, and debt rollovers from China. It's crucial to stick to the revised budget and avoid unplanned spending or tax exemptions.

TLDR: Pakistan secures $3 billion in IMF funding after delays. Key points include power sector reforms with potential consumer price increases, the need to lift import restrictions, and a record-high interest rate hike. Pakistan requires ongoing financial support, including pledges from Saudi Arabia, the UAE, and debt rollovers from China.

News Flash

✶ China has set its eyes on establishing a track record for its nuclear industry by building power plants in Pakistan. The deal involves the construction of a 1,200-megawatt nuclear plant at Pakistan's Chashma nuclear power complex.

Tech

Global 🌎️

Meta lays down its ‘cards’ (literally)

Meta, the company behind Facebook and Instagram, has shared details via a blog post about its social media algorithms to promote transparency on powerful technologies like AI. Users can now understand how content is ranked and recommended through the newly introduced "system cards."

• These cards cover features like the Feed, Stories, and Reels, and offer approachable insights into the AI systems at work. For example, the card on Instagram Explore reveals the three-step process: gathering content, considering user engagement, and ranking content for user interest.

• Meta encourages users to shape their content experience by saving or indicating disinterest in certain posts. These actions can guide the algorithm to show similar or filtered content. Users can also opt for a non-personalized experience on Instagram Explore, viewing content not tailored by the algorithm.

• Meta plans to expand the "Why Am I Seeing This?" feature to Facebook Reels, Instagram Reels, and the Explore tab. This feature will allow users to understand why specific content is shown based on their past activities.

• Moreover, Meta will roll out its Content Library and API, offering researchers access to public data from Facebook and Instagram.

But why Meta is being so generous? Two words: AI transparency. In a world where personal data is under the microscope, Meta wants to keep it real and earn your trust.

TLDR: Meta enhances transparency with "system cards" revealing how content is ranked, offers user control over personalized experiences, and provides data access for researchers, all to build trust in AI and data privacy.

What else is new in news

✶Apple made history on Friday by surpassing a remarkable $3 trillion market cap, solidifying its position as the first company to achieve this milestone. Fun fact: Back in 2018, Apple became the inaugural U.S. publicly traded company valued at $1 trillion, an achievement that took over four decades to reach.

Local 🇵🇰 

When Jack Ma came knocking..

Casual entry, meeting the homies, swift exit: That’s Jack Ma’s surprise visit to Pakistan in a nutshell.

In & out: Jack Ma, the co-founder of Alibaba Group, recently surprised observers with his visit to Pakistan. He arrived in Lahore on June 29 and stayed for about 23 hours. Interestingly, Ma chose to keep a low profile, avoiding interactions with government officials and the media. He stayed at a private location, met a friend, and departed via a private jet on June 30.

Buzz and Speculations: Social media buzzed with speculations about potential business opportunities during Ma's visit. While specific deals or meetings have not been confirmed, experts say that the visit reflects global interest in Pakistan's potential for investment.

On the bright side: Experts say that Ma's visit signifies international recognition of Pakistan's potential and the genuine interest of global investors in exploring opportunities in the country.

TLDR: Jack Ma surprised everyone with his visit to Pakistan. He kept it casual, met some friends, and made a quick exit. Social media speculations about business opportunities followed. The visit highlights global interest in Pakistan's potential and the country's appeal to investors.

Tech tour of news

✶On Thursday, The Pakistan Telecommunication Authority (PTA) revealed that they've shut down 452 out of 778 links containing blasphemous content from a Netflix movie.

More interesting Itla (اطلاع) we consumed:

🤑 Imagine a world where your hard-earned money works for you, empowering you to fulfill your wildest dreams. This Netflix documentary “Get Smart With Money” helps you dive headfirst into the world of personal finance. The best part? It includes real-life stories of individuals who achieved remarkable financial mastery and turned their lives around.